59Such transactions cannot as a rule constitute, by themselves, economic activities within the meaning of the Sixth Directive. Admittedly, it follows from point 5 of Article 13B(d) thereof that transactions affecting securities may come within the scope of VAT. However, the transactions covered by that provision are those which consist in drawing revenue on a continuing basis from activities which go beyond the compass of the simple acquisition and sale of securities, such as transactions carried out in the course of a business trading in securities.
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