Judgment_paragraph 53 · FRANCK d.d., Zagreb v Ministarstvo financija Republike Hrvatske, Samostalni sektor za drugostupanjski upravni postupak (C-801/19)

53In the light of all the foregoing considerations, the questions referred is that Article 135(1)(b) and (d) of the VAT Directive must be interpreted as meaning that the exemption from VAT on granting credit and transactions concerning other negotiable instruments laid down by those provisions, applies to a transaction which consists in the making available of funds obtained from a factoring company by one taxable person to another taxable person, for remuneration, following the transmission to the latter of a bill of exchange issued by the second taxable person, the first taxable person guaranteeing the repayment to the factoring company of that bill of exchange at its maturity.