BlackRock Tech Platform Shouldn’t Get Tax Break, ECJ Told

Law360 (March 11, 2020, 7:35 PM EDT) -- An adviser to the European Union’s top court told judges Wednesday that they should reject a bid by global asset manager BlackRock to exempt its technology platform from value-added tax under a provision meant to protect special investment funds.

Advocate General Priit Pikamäe said in his nonbinding opinion to the European Court of Justice that BlackRock’s platform, which handles compliance and other investment management services for conventional and special investment funds, or SIFs, doesn’t qualify for the VAT exemption under EU law.

Article 135(1)(g) of the EU’s main VAT directive exempts the management of SIFs "as defined by member states,” but...

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