CELEX: 62011CA0044
Language: en
Date: 2012-07-19 00:00:00
Title: Case C-44/11: 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 (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))

29.9.2012   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 295/7
            
         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)
   
   (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
   
   Bundesfinanzhof
   
      Parties to the main proceedings
   
   
      Applicant: Finanzamt Frankfurt am Main V-Höchst
   
      Defendant: Deutsche Bank AG
   
      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
   
   
               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.
            
         
               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.
            
         
      (1)  OJ C 145, 14.5.2011.