In the context of pension funds, the consultancy services that the Company provides “in outsourcing” with direct assumption of responsibility and if provided for the management of “mutual investment funds” may fall within the VAT exemption.
The case under examination concerns a company which has been contracted by numerous pension funds to carry out the internal audit or risk management function under an outsourcing regime. The activity carried out also includes the provision of consultancy services in the field of financial management control rendered in favor of funds and other entities (eg banking foundations).
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