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V0437-18 20 February 2018 · SG de Impuestos sobre el Consumo Criterion in force
IVA · gestión de inversiones

Management services for closed-ended collective investment schemes are exempt from VAT

A management company has requested clarification on whether management services provided to a closed-ended collective investment scheme are exempt from VAT. The Directorate-General for Taxes (DGT) has confirmed they are, based on the case law of the Court of Justice of the European Union (CJEU).

The question raised

Whether the provision of such services is exempt from Value Added Tax.

The DGT's ruling

The management of closed-ended collective investment institutions is included in the concept of mutual funds under the Directive. The VAT exemption applies to the specific operations of the activity of these bodies, including portfolio management and administration. Therefore, management services provided to a closed-ended collective investment company are exempt from this tax.

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