ECJ C-59/20 (DBKAG) – Question – VAT exemption for software specifically designed for the management of special investment funds?

Question referred on 4 February 2020 by the Bundesfinanzgericht (Federal Finance Court, Austria)

Article in the EU VAT Directive

Article 135(1)(g) of Directive 2006/112/EC

Article 135
1. Member States shall exempt the following transactions:
(g) the management of special investment funds as defined by Member States;


The DBKAG case concerns the making available of IT software used for risk management and performance measurement.


Must Article 135(1)(g) of Directive 2006/112/EC 1 be interpreted as meaning that, for the purposes of the tax exemption provided for by that provision, the term “management of special investment funds” also includes the granting by a third-party licensor to an investment management company (‘IMC’) of a right to use specialist software specifically designed for the management of special investment funds where, as in the case in the main proceedings, that specialist software is intended exclusively to perform specific and essential activities in connection with the management of the special investment funds but runs on the technical infrastructure of the IMC and can perform its functions only subject to the minor participation of the IMC and subject to ongoing recourse to market data provided by the IMC?

AG Opinion


Personal comments/VATupdate 


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