ARTICLE · 02 APRIL 2013

VAT And Financial Services - Recent CJEU Decisions

Deloitte Malta

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Recently decided VAT cases concerning the VAT exemption applicable to the ‘management of special investment funds’.

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In terms of article 135(1)(g) of Directive 2006/112/EC ('the VAT Directive') EU Member States must exempt from VAT "the management of special investment funds as defined by Member States". The VAT Directive, however, does not provide a definition or any further clarification as regards what services constitute 'management' for the purposes of the said VAT exemption. Furthermore, it is not entirely clear how far the power of the Member States reaches to define which schemes qualify as 'special investment funds' and which do not. It should thus not come as a surprise that the Court of Justice of the European Union ('CJEU') frequently has been asked to fill the legislative gap and clarify the correct interpretation of the VAT exemption referred to above.

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