Financial Services

New policy statement on VAT fixed establishments

The policy statement, among other things, lays down the Dutch viewpoint on the concept of a fixed establishment and the VAT treatment of transactions between a head office and a fixed establishment.

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Supreme Court interprets VAT exemption for collective asset management in broad terms: management of individual assets via investment profiles is exempt

On December 4, 2020 the Supreme Court rendered judgments in two important asset management cases.

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FS Tax Newsletter | December 2020

With the end of the year less than a month away and the Christmas holidays fast approaching you are probably busy wrapping things up and setting goals for next year. This last FS Tax Newsletter for the year 2020 briefly summarizes the relevant tax developments of the last few months.

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Dutch Supreme Court decision on Dutch withholding tax on dividends paid to foreign investment funds

The Supreme Court ruled that its earlier judgments from 2013 and 2015 were an incorrect interpretation of EU law and that foreign investment funds should be entitled to a refund of the Dutch dividend withholding tax paid if certain conditions are met. These conditions are however very difficult to meet.

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New questions to CJEU: towards a broader concept of fixed establishment for VAT purposes?

A Romanian Court recently sought a preliminary ruling from the Court of Justice of the European Union (‘CJEU”) about the concept of fixed establishment for VAT purposes in the Berlin Chemie case (C-333/20). This case again shows that the concept of fixed establishment for VAT purposes is evolving.

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FS Tax Newsletter | October 2020

This Budget Day 2020 special issue of our Financial Services Tax Newsletter includes the relevant measures of the 2021 Tax Plan for the FS sector. Furthermore this issue also addresses other recent tax measures and developments.

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AG of the Supreme Court: management of individual assets via investment profiles is subject to VAT

On September 23, 2020 Advocate General to the Supreme Court, Ms. C.M. Ettema, issued Opinions in two interesting asset management cases.

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FS Tax Newsletter | August 2020

In this edition of the FS Tax newsletter we discuss two important judgments by the Court of Justice of the European Union in VAT cases: firstly, in the A Oy case, the Court established that co-location services do not constitute the leasing of or service attributable to immovable property. Secondly, in the BlackRock case, the Court confirmed that the provision of a single management service is not partially VAT-exempt.

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Confirmation by CJEU in BlackRock case: a single management service is not partly VAT-exempt

On July 2, 2020 the Court of Justice of the European Union (‘CJEU’) rendered judgment in the BlackRock Investment Management (UK) Limited case (C-231/19). The CJEU concluded that a single fund management service cannot be partly VAT-exempt. The outcome of this judgment is not only important for taxpayers that are involved with investment funds, but also for providers and purchasers of other types of composite services.

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