In this resolution, the Spanish Central Tax Court, applying the criteria stated by the ECJ judgments such as C-60/90 Polysar, C-80/95, Harnas & Helm and C-155/94 Welcome Trust, considered that the income obtained from dividends, fixed-income securities or from the transfer of security titles should not be considered as compensation for VAT purposes subject to VAT, when the entity that holds those titles does not intervene in the management of those titles.
The particular case is a pension fund. This type of entity without legal personality does not perform any business activity for VAT purposes and just holds the ownership of different financial assets in order to obtain the income generated by them (dividends, interests, etc.). However, there is another autonomous entity in charge of the management of the investments made by the participants in the pension fund.
Source Baker & McKenzie
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