- Fundraising activities carried out by SGR may be exempt from VAT.
- The Court of Justice provides a broad definition of trading activities.
- Società di Gestione del Risparmio (SGP) that establish closed-end alternative investment funds (FIA) may benefit from VAT exemption for their management services.
- These companies often use the fundraising services of third-party companies, known as advisors, to receive support regarding fund marketing strategies.
- The question arises as to whether these services can also be included in the exemption for fund management.
- Directive 2006/112/EC exempts the management of investment funds, as defined by the Member States.
- Italian legislation has incorporated this provision in Article 10, paragraph 1, no. 1) of Law 633/72.
- The Italian tax administration has determined that FIA can benefit from the exemption if they are comparable to collective investment undertakings (OICR).
- The same administrative practice has clarified that advisor services can also benefit from the exemption if they constitute a distinct set of functions essential to fund management.
- The exemption has been recognized for services such as investment consultancy and research provided by an advisor to a subject.
Source: eutekne.info
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
