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Our contribution to development of investment fund`s market in Poland.


We are pleased to inform that on 17 January 2013 we obtained for our client two positive judgments of the Administrative Court in Warsaw regarding VAT exemption for valuation and accounting services provided for the benefit of investment fund management companies (TFI).

The administrative court accepted our arguments and reversed unfavourable rulings issued by the Minister of Finance. These judgments are unprecedented and are contrary to existing market practice concerning taxation of such services provided for the benefit of investment funds by external entities. Moreover, on the grounds of our cases amendments to VAT Act were introduced. They will enter into force on 1 April 2013.

Consequently, providers of such services may apply for refund of VAT on accounting/ valuation services for the period of last 5 years. Whereas for other entities operating on investment funds’ market (custodians, transfer agents) there is a chance to determine the proper (i.e. consistent with CJEU case law and practice existing in EU) VAT calculation on services provided by them.


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