Dutch pension funds X and Y sought a VAT exemption for asset management services, arguing they qualified as common investment funds. However, the EU Court of Justice ruled that participants only bear investment risk if pension benefits primarily depend on investment results. Consequently, the Gelderland District Court denied the pension funds’ appeals, finding they did not meet the criteria for a common investment fund because their participants did not primarily bear investment risk.
Source: futd.nl
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.
