In Finanzamt Frankfurt am Main-V Höchst v Deutsche Bank AG (CJEU Case C-44/11) a German bank provided ‘portfolio management services’ relating to securities-based assets. The tax authority issued a ruling that VAT was chargeable on these supplies. The bank appealed contending that they should be treated as exempt and the case was referred to the CJEU. Advocate-General Sharpston delivered an Opinion in favour of the tax authority holding that ‘portfolio management services of the kind at issue in the main proceedings form a single supply for VAT purposes’ which did not qualify for exemption.
Why it matters: Article 135(1)(f) of Directive 2006/112/EC provides that Member States shall exempt transactions ‘in shares interests in companies or associations ...
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In Finanzamt Frankfurt am Main-V Höchst v Deutsche Bank AG (CJEU Case C-44/11) a German bank provided ‘portfolio management services’ relating to securities-based assets. The tax authority issued a ruling that VAT was chargeable on these supplies. The bank appealed contending that they should be treated as exempt and the case was referred to the CJEU. Advocate-General Sharpston delivered an Opinion in favour of the tax authority holding that ‘portfolio management services of the kind at issue in the main proceedings form a single supply for VAT purposes’ which did not qualify for exemption.
Why it matters: Article 135(1)(f) of Directive 2006/112/EC provides that Member States shall exempt transactions ‘in shares interests in companies or associations ...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
