The Supreme Court rendered its judgment in two proceedings on the VAT exemption for the management of mutual investment funds. According to the Supreme Court, the way in which assets are collected and the financial instruments are held by the taxpayer complies with the essential characteristics of a mutual investment fund. It is not important here that the asset manager does not invest the funds himself. With regard to special government supervision, the Supreme Court ruled that the application of the exemption for the management of mutual investment funds does not require supervision to focus directly on the invested capital. It is sufficient that the manager (or the fund) is subject to supervision by the AFM.
Source: rechtspraak.nl
See also Taxlive.nl – Tax authorities can lose millions in VAT income after the Supreme Court ruling
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