No VAT exemption for industry pension fund
Industry pension fund A administers pension schemes on behalf of all, compulsory and voluntary, affiliated employers. The fund ensures that the pensions of all stakeholders, now and in the future, are accrued as agreed. The fund invests the pension contributions with the aim of achieving sufficient return to meet its obligations and achieve its ambition.
It is in dispute whether the VAT exemption provided for in Article 11, paragraph 1, letter i, third of the Tax Law, for the management of assets collected for collective investment, applies to the fees paid by A for the services because of the comparability of A as an investment fund with an investment fund. collective investment undertaking (UCITS). In particular, it is disputed whether the condition that the investment risk in A is borne by the pension participants is met.
Source BTW jurisprudentie
See also ECJ Cases: Focus on ”Exemption – Management of special investment funds”