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VAT exemption for the management of mutual investment funds also for the granting of the right to use software

With regard to the VAT exemption for the management of mutual funds, the granting of a right to use a software used exclusively for carrying out essential calculations for risk management and performance evaluation falls within the exemption itself, where it has an intrinsic link with the management of mutual funds and is provided exclusively for the purpose of managing the funds themselves, even if such services are not entirely outsourced. This was clarified by the Inland Revenue with the replies to ruling no. 363 and n. 364 of 4 July 2022.

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