New administrative VAT decision: discretionary portfolio management versus advisory management

14 April 2015

The Belgian VAT administration recently published a new administrative decision clarifying the VAT treatment of portfolio discretionary management and advisory management based on the ECJ case Deutsche Bank. Discretionary portfolio management Discretionary portfolio management consisting of (1) a service of analysing and monitoring the assets of client investors and (2) a service of actually purchasing and

Real estate – VAT: ECJ rules on football stadium and fuels debate on VAT qualification of hybrid or more complex real estate structures

23 January 2015

On 22 January 2015, the European Court of Justice ruled that – having regard to the facts cited in this (Belgian!) case – the act of making a football stadium available does not qualify as letting of immovable property. The fundamental characteristic of the concept of ‘letting of immovable property’ lies in conferring upon the other party