The VAT fund management exemption: key lessons from CJEU Case Law
The VAT treatment of fund management has long been shaped by a specific exemption under Article 135(1)(g) of the VAT Directive (2006/112/EC). This provision requires Member States to exempt the “management of special investment funds as defined by Member States.” In Malta, this provision is implemented through Item 3(6) of Part Two of the Fifth Schedule to the VAT Act, which treats the management of special investment funds as an exempt without credit supply.
