The ECJ has, once again, dealt with the VAT exemption for the management of special investment funds. It ruled that funds (the case in question concerned pension funds) can, in principle, only be managed exempt from VAT if the investor bears a risk similar to that of an investor in a securities fund. However, it is also sufficient if the fund in question is comparable with other funds whose management a Member State regards as VAT exempt. The decision could have an impact on the discussion as to whether the current sec. 4 no. 8 lit. h of the German VAT Act is in conformity with Union law.
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