X has a business dealing in securities. It signed a cooperation agreement with the F foundation to keep the purchased investments. X charges a management fee to its clients for the services it provides, without VAT.
X is of the opinion that VAT is not due and relies on the case law of the EU Court of Justice. This shows, according to X, that institutions that are not formally an institution for collective investment in transferable securities (UCITS), but that are comparable to this, are also entitled to the VAT exemption for financial activities.
The High Court of Arnhem-Leeuwarden rules that X is indeed entitled to the VAT exemption.
Source:
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