Article 135(1)(g) of the Principal VAT Directive exempts the ‘management of special investment funds as defined by Member States’. The provision appears straightforward but it is anything but. Every key phrase in this ten-word sentence – ‘management’ ‘special investment funds’ and ‘as defined by Member State’ – has been the subject of consideration by the CJEU at least once. We discussed these foundational concepts in 2018 and 2019 (in articles in this journal that are summarised below). In this article we review noteworthy developments in this area in the intervening years.
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Read "VAT and the Management of Special Investment Funds: The Last Six Years," co-authored by Alex Tostevin, published by Tax Journal. (subscription)