CORPORATE | The Italian Supreme Court rules on the liability of asset management companies

On 12 June 2024, the Italian Supreme Court issued its judgment in Case No. 16285/2024, addressing the much-discussed issue of the liability of asset management companies (AMC) for tax debts attributable to one of the funds they manage, with specific reference to liability for VAT related to a fund that was extinguished prior to the notification of the tax deed. In particular, the Court ruled that in the event of the termination of a mutual fund, the asset management company that administered said fund will not be directly liable for the non-payment of VAT. The Court’s reasoning is mainly based on the argument that, while administrating the mutual fund, the asset management company still maintains different and separate assets. The asset management company is not therefore liable and does not respond to any Revenue Agency claims with its own assets, but solely within the limits of the fund’s assets, since these are separate.

Newsletter n. 98 – July 2024