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Sweden: Clarification on Tax Treatment of Advisory and Support Services for Fund Management

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The Swedish Tax Law Board provided clarification on the tax treatment of advisory and support services offered to fund management companies.

 

Context

Taxpayer: A consulting company
Services Provided: Regulatory compliance and risk services to funds, specifically second-line control functions, distinct from operational functions.

 

The taxpayer requested clarification on whether its advisory and support services fall under the exempt category of “management of securities funds” in financial services as per Chapter 10, Section 33 of the VAT Act, considering that it did not assume responsibility for risk or regulatory compliance.

 

Findings

  1. Contract Interpretation:
    • The contract did not suggest that the taxpayer would take over and manage any part of the fund management.
  2. EU Directive 2006/112/EC Compliance:
    • According to the directive on the common system of VAT, the advisory and support services provided did not have a sufficiently close connection to the fund’s operations to qualify as exempt management of special investment funds.

Conclusion

The advisory and support services offered by the taxpayer are not exempt under the “management of securities funds” category as per the VAT Act and EU Directive 2006/112/EC.

 

 

 

Source: skatterattsnamnden.se

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