Judgment_paragraph 29 · Granton Advertising BV v Inspecteur van de Belastingdienst Haaglanden/kantoor Den Haag (C-461/12)

29As regards the context of that provision, it must be borne in mind that, in accordance with the Court’s case-law, transactions exempt from VAT under Article 13(B)(d) of the Sixth Directive are, by their nature, financial transactions. Although those transactions, defined according to the nature of the services provided, do not necessarily have to be carried out by banks or other financial institutions, they relate, nevertheless, as a whole, to the sphere of financial transactions (see, to that effect, Case C‑455/05 Velvet & Steel Immobilien EU:C:2007:232, paragraphs 21 and 22 and the case-law cited).