This explicit ruling was made by the Supreme Administrative Court on the 23rd of January 2013, thus ending the case between one of the banks and the Treasury. The Court agreed with the Minister of Finance and deemed that the service of storing cord blood does not exempt the bank from paying the Services and Goods Tax.
This means that every invoice issued after January 1st 2011 for the storage of stem cells, must be increased by adding VAT. The banks which did not follow the earlier guidelines of the Tax Authority, will have to correct past invoices and charge their customers an additional 23% VAT.
Stem Cell Bank nOvum has been including 23% VAT in its fees since 2011. At the same time we did our best to ensure that our prices for the collection, preparation and storing of cord blood were competitive in comparison to other banks, even those who did not include VAT in their prices.
The Court’s ruling in the press:
Fill out the form and we will contact you!