|
Par Bruno Gasparotto, Arendt Medernach, Principal
A new case brought before the European Court of Justice (ECJ), on which the Advocate General (AG) has just published her conclusions, is of a great importance for any portfolio management centre like Luxembourg (C-44/11 Deutsche Bank AG dated 8 May 2012). The AGs opinion is that, although discretionary management services comprise of various elements which can be identified separately and may also be supplied separately, they have to be considered as a single supply for VAT purposes which cannot benefit from any VAT exemption. This implies a higher VAT recovery ratio for the banks/managers and irrecoverable VAT costs for the customers.
Beyond the...
|