Court of North Holland: Composite supply for managing and investing pension assets, paying out pension rights and conducting the necessary administration

For VAT purposes, no distinction should be made between the transactions performed. There is one indivisible economic performance, the splitting of which would be artificial. In the opinion of the court, the exemption of Article 11, preamble and first paragraph, part k, of the VAT Act applies. Plaintiff is therefore not entitled to deduct input tax.

Source: rechtspraak.nl