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Trajan Shipley
17th June 2021
Banking & Finance Tax

Tax-related responsibilities entrusted by investment funds to third parties may be exempt from VAT, says Court of Justice

The Court of Justice delivered its ruling in DBKAG (joined cases C-58/20 and C-59/20), finding that under Article 135(1) of the VAT Directive, the exemption for ‘management of special investment funds’ also covers the tax-related responsibilities entrusted by the management company of an investment fund to a third party.

Such finding applies to responsibilities which consist in ensuring that the income received by unit-holders from investment funds is taxed in accordance with the law, or using a software to carry out essential risk management calculations. The finding only applies if the responsibilities are intrinsically linked to the management of unit trusts and if they are provided exclusively for the purpose of managing such


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