Denmark Tax Agency Explains VAT on Investment Portfolio Management Services to Non-EU Countries

The Danish Customs and Tax Administration March 10 posted online a tax board binding answer on the VAT treatment of investment portfolio management services provided to taxpayers in non-EU countries. A Danish resident claimed Danish VAT exemptions for providing portfolio management services to pension funds, undertakings for collective investments in transferable securities, and private funds domiciled in non-EU countries. The tax board held that the services weren’t subject to VAT because: 1) the place of delivery for portfolio management services is considered the location where services are used; and 2) the place of supply for the services in question wasn’t ...