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By Christophe Plainchamp and Nicolas Devillers, ATOZ*
As you most likely know, management services rendered to investment funds benefit from a VAT exemption. This is based on article 135 (1) (g) of the VAT Directive which exempts the “management of special investment funds”. The notion of ‘management’ is however not specifically defined in the VAT legislation. Despite the insights provided by the jurisprudence of the European Court of Justice (ECJ) in the well-known Abbey National case (C-169/04 - May 4, 2006), the scope of the exemption is subject to diverging interpretations by the EU Member States.
In the GfBk case, the preliminary ruling referred to the ECJ relates to the VAT treatment to be applied to fund advisory services rendered by a third...
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