# C_2012295EN.01000702.xml

| 29.9.2012 | EN | Official Journal of the European Union | C 295/7 |
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29.9.2012

EN

Official Journal of the European Union

C 295/7

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Judgment of the Court (Second Chamber) of 19 July 2012 (reference for a preliminary ruling from the Bundesfinanzhof — Germany) — Finanzamt Frankfurt am Main V-Höchst v Deutsche Bank AG

(Case C-44/11) (1)

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(Directive 2006/112/EC - Article 56(1)(e) - Article 135(1)(f) and (g) - Exemption for transactions relating to the management of securities-based assets (portfolio management))

2012/C 295/11

Language of the case: German

Referring court

Referring court

Bundesfinanzhof

Parties to the main proceedings

Parties to the main proceedings

Applicant: Finanzamt Frankfurt am Main V-Höchst

Applicant:

Defendant: Deutsche Bank AG

Defendant:

Re:

Re:

Reference for a preliminary ruling — Bundesfinanzhof — Interpretation of Article 56(1)(e) and Article 135(1)(f) and (g) of Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax (OJ 2006 L 347, p. 1) — Exemption for transactions relating to the management of securities-based assets carried out for private clients

Operative part of the judgment

Operative part of the judgment

| 1. | A securities-based assets management service, such as that at issue in the main proceedings, namely where a taxable person for remuneration and on the basis of his own discretion takes decisions on the purchase and sale of securities and implements those decisions by buying and selling the securities, consists of two elements which are so closely linked that they form, objectively, a single economic supply. |
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1.

A securities-based assets management service, such as that at issue in the main proceedings, namely where a taxable person for remuneration and on the basis of his own discretion takes decisions on the purchase and sale of securities and implements those decisions by buying and selling the securities, consists of two elements which are so closely linked that they form, objectively, a single economic supply.

| 2. | Article 135(1)(f) or (g) of Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax must be interpreted as meaning that securities-based asset management, such as that at issue in the main proceedings, is not exempt from value added tax under that provision. |
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2.

Article 135(1)(f) or (g) of Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax must be interpreted as meaning that securities-based asset management, such as that at issue in the main proceedings, is not exempt from value added tax under that provision.

| 3. | Article 56(1)(e) of Directive 2006/112 must be interpreted as covering not only the services referred to in Article 135(1)(a) to (g) of Directive 2006/112, but also securities-based assets management services. |
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3.

Article 56(1)(e) of Directive 2006/112 must be interpreted as covering not only the services referred to in Article 135(1)(a) to (g) of Directive 2006/112, but also securities-based assets management services.

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(1)  OJ C 145, 14.5.2011.

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