Only advisory services, subjectively classifiable as fund management services, referable to funds effectively comparable to UCITS, fall within the scope of application of the VAT exemption regime. This was clarified by the Agenzia delle Entarte with the response to ruling no. 206 of 22 April 2022, with which it specified that for the purposes of comparability of a fund to a UCITS, it is necessary that the same, in addition to being subject to “specific state supervision”, is participated by several investors who are entitled to the benefits or bear the risk associated with its management. The return on the investment made must also depend exclusively on the results of the management of the fund itself.
Source: ipsoa.it
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