Judgment of the Court (First Chamber) of 21 October 2004.Banque Bruxelles Lambert SA (BBL) v Belgian State.Reference for a preliminary ruling: Tribunal de première instance de Bruxelles - Belgium.Sixth VAT Directive - Articles 4 and 9(2)(e) - Concept of taxable person - Place where services are supplied - SICAV.Case C-8/03.

Judgment // 21/10/2004 // 3 min read
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Case C-8/03

Banque Bruxelles Lambert SA (BBL)

v

État belge

(Reference for a preliminary ruling from the Tribunal de première instance de Bruxelles)

(Sixth VAT Directive – Articles 4 and 9(2)(e) – Concept of taxable person – Place where services are supplied – SICAV)

Summary of the Judgment

  1. Tax provisions – Harmonisation of laws – Turnover taxes – Common system of value added tax – Economic activity within the meaning of Article 4 of the Sixth Directive – Collective investment in transferable securities of capital raised from the public – Included

(Council Directive 77/388, Art. 4(2))

  1. Tax provisions – Harmonisation of laws – Turnover taxes – Common system of value added tax – Taxable persons – Definition – Open-ended investment companies (SICAVs) which have as their sole object the collective investment in transferable securities of capital raised from the public – Included – Place where services are provided to such bodies established in a Member State other than that of the supplier of the services – Place where the bodies have established their business

(Council Directive 77/388, Arts 4 and 9 (2) (e))

  1. The activity consisting in the collective investment in transferable securities of capital raised from the public, for a fee, which goes beyond the compass of the simple acquisition and the mere sale of securities and which aims to produce income on a continuing basis, constitutes an economic activity within the meaning of Article 4(2) of Sixth Directive 77/388 on the harmonisation of the laws of the Member States relating to turnover taxes.

(see paras 42-43)

  1. Open-ended investment companies (SICAVs) which have as their sole object the collective investment in transferable securities of capital raised from the public in accordance with Directive 85/611 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) are taxable persons within the meaning of Article 4 of Sixth Directive 77/388 on the harmonisation of the laws of the Member States relating to turnover taxes so that, where services referred to in Article 9(2)(e) of that directive are supplied to such SICAVs which are established in a Member State other than that of the supplier of the services, the place where those services are provided is the place where the SICAVs have established their business.

(see para. 48, operative part)

JUDGMENT OF THE COURT (First Chamber)21 October 2004(1)

(Sixth VAT Directive – Articles 4 and 9(2)(e) – Concept of taxable person – Place where services are supplied – SICAV)

v

THE COURT (First Chamber),,

after hearing the Opinion of the Advocate General at the sitting on 18 May 2004,

gives the following

Taxation , Value added tax