The application of this VAT exemption remains both complex and uncertain, writes Alex Tostevin (Greenberg Traurig) and Etienne Wong (Old Square Tax Chambers).
Article 135(1)(g) of the Principal VAT Directive exempts the ‘management of special investment funds as defined by Member States’. The provision appears straightforward but it is anything but. Every key phrase in this ten-word sentence – ‘management’ ‘special investment funds’ and ‘as defined by Member State’ – has been the subject of consideration by the CJEU at least once. We discussed these foundational concepts in 2018 and 2019 (in articles in this journal that are summarised below). In this article we review noteworthy developments in this area in the intervening years.
2018
In this...
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The application of this VAT exemption remains both complex and uncertain, writes Alex Tostevin (Greenberg Traurig) and Etienne Wong (Old Square Tax Chambers).
Article 135(1)(g) of the Principal VAT Directive exempts the ‘management of special investment funds as defined by Member States’. The provision appears straightforward but it is anything but. Every key phrase in this ten-word sentence – ‘management’ ‘special investment funds’ and ‘as defined by Member State’ – has been the subject of consideration by the CJEU at least once. We discussed these foundational concepts in 2018 and 2019 (in articles in this journal that are summarised below). In this article we review noteworthy developments in this area in the intervening years.
2018
In this...
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:
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