Factoring KG took the view that it also made taxable supplies to M-GmbH where it engaged in 'true' factoring, entailing assumption of the risk of loss in relation to the debts acquired, and it issued invoices for those supplies together with the corresponding charges and interest In its value-added-tax declaration for 1991, it accordingly deducted the sum of DEM 1 028 100 in respect of input transactions which related to those supplies.
La Factoring KG sosteneva la tesi secondo cui essa forniva alla M-GmbH prestazioni imponibili anche nei limiti in cui praticava il factoring detto «in senso proprio», consistente nell'assunzione a proprio carico del rischio di insolvenza per i crediti acquistati, e fatturava tali prestazioni addebitando le relative commissioni e i relativi interessi.