The Federal Supreme Court of Switzerland has published a 17 July 2019 decision concerning the VAT treatment of financial intermediary services in cases where there is no direct representation/proxy, i.e., no power of attorney to act for and on behalf of a client. With effect from 1 January 2010, there was a policy change by the Swiss tax authority including that direct representation was no longer needed for financial intermediary services to be eligible for the general VAT exemption for fin…