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Clifford Chance

Clifford Chance


ECJ rules that outsourced investment advisory services are exempt from VAT

8 April 2013

On 7 March 2013, the European Union Court of Justice (the "ECJ") released its decision in GfBk Gesellschaft für Börsenkommunikation mbH v. Finanzamt Bayreuth (C-275/11). The case concerned the VAT treatment of certain outsourced investment advisory services, and the ECJ held that such services were VAT exempt. Our briefing note outlines the facts as well as the impact this will have in Luxembourg, the United Kingdom, France, Germany, the Netherlands, Belgium, Spain and Italy.

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