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The DGT confirms, following the TEAC ruling of 22 September 2021, that harmonised investment funds are not considered entrepreneurs for VAT purposes as they do not assume the inherent business risks or manage their own production factors, thus exempting them from submitting the annual declaration of operations with third parties (Modelo 347).
Question raised QUESTION RAISED
The status of entrepreneur or professional for VAT purposes requires the organization of production factors on one's own account with the assumption of business risk. Harmonized investment funds are assets without legal personality managed by a management company; their income derives from interest, dividends, and capital variations, without participating in the production or distribution of goods or services. Consequently, they lack the status of entrepreneur or professional and are not subject to the obligation to file Form 347.
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