In Staatssecretaris van Financien v Fiscale Eenheid X NV cs C-595/13 (9 December 2015) the CJEU found that the management of property investment companies can be exempt.
The issue was the interpretation of the Sixth Directive art 13B(d)(6) which exempts from VAT the management of special investment funds. A a Dutch ‘fiscal entity’ provided property management services to three investment companies.
The CJEU had to decide whether the three investment companies which pooled capital from investors with a view to purchasing owning managing and selling immovable property in order to derive a profit to be distributed to unit-holders were ‘special investment funds’. It pointed out that the purpose of the exemption was to ensure that VAT was neutral in relation to the choice between a direct investment and an investment through a collective investment fund. It also noted that funds which constitute collective...
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In Staatssecretaris van Financien v Fiscale Eenheid X NV cs C-595/13 (9 December 2015) the CJEU found that the management of property investment companies can be exempt.
The issue was the interpretation of the Sixth Directive art 13B(d)(6) which exempts from VAT the management of special investment funds. A a Dutch ‘fiscal entity’ provided property management services to three investment companies.
The CJEU had to decide whether the three investment companies which pooled capital from investors with a view to purchasing owning managing and selling immovable property in order to derive a profit to be distributed to unit-holders were ‘special investment funds’. It pointed out that the purpose of the exemption was to ensure that VAT was neutral in relation to the choice between a direct investment and an investment through a collective investment fund. It also noted that funds which constitute collective...
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