On 7 March, the CJEU delivered its judgment in the GfBk Gesellschaft für Börsenkommunikation mbH v Finanzamt Bayreuth (Case C-275/11), which deals with the question of whether services provided to a special investment fund (SIF) by an outsourced investment adviser qualify for the SIF management exemption from VAT. The decision largely follows the Advocate General’s opinion and extends the scope of the exemption so that a single stand-alone service performing the specific and essential functions of the management of a SIF may qualify for exemption, evidencing a shift away from the need for some overall package of services.
