X could be exempt if: (1) X was financed by the pension recipients, (2) the savings were invested in accordance with the principle of risk diversification, (3) the investment risk was borne by the members of the pension fund and (4) X was subject to special government supervision. The Court ruled that X did not meet the third criterion. According to the Court, it was not sufficient for this that negative risks such as non-indexing and moderation of the pension entitlements of participants who had not yet retired had actually occurred, and that positive risks also existed for participants with relatively positive investment results.
Source: rechtspraak.nl (Dutch)
Latest Posts in "Netherlands"
- VAT and School Building Transfers: Economic Activity, Consideration, and Legal Certainty in Dutch Case Law
- New policy note on intermediation in share transactions
- No Excuse for Unpaid VAT Without Filing Invitation; Fine Upheld but Reduced to €1,500
- No VAT Deduction for Exempt Rental by Partnership to BV, Court Den Bosch 2025
- Penalty for payment of additional VAT assessment reduced due to incidental negligence
