Pension Fund Not Classified as Investment Fund for VAT Exemption on Management Services

• The case concerns whether a sectoral pension fund (eiseres) correctly paid VAT on management services provided by foreign asset managers.
• The main issue is whether the pension fund qualifies as a “common investment fund” under Dutch VAT law, specifically if its participants bear the investment risk.
• The court ruled that the pension fund does not qualify as a common investment fund because it was not proven that participants bear the investment risk.
• Pension funds are generally not considered investment funds for VAT exemption, but can be under certain conditions according to EU case law.
• Relevant EU case law (ATP and BPL judgments) states that participants must primarily bear the investment risk for the VAT exemption to apply.

Source: uitspraken.rechtspraak.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.

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