The applicability of the benefit of the VAT exemption to the investment consultancy and research services rendered by an advisor in favor of an authorized subject to the management of mutual funds that are “intrinsically connected” and overall functional to the activity of the manager (SGR) of the organisms of collective investment is recognized. This was clarified by the tax authorities in their response to question no. 104 of March 14, 2022, whereby they specified that such services, if they were territorially relevant in Italy, would in theory fall within the scope of the VAT exemption regime, with the consequent limitation of the right to deduct the VAT paid on purchases made to provide such services.
Source: ipsoa.it
