The management of collective investment funds is VAT-exempt in the EU as laid down in the EU VAT Directive. In the case “Fiscale Eenheid X“ (C-595/13), the Dutch Supreme Court has referred to the CJEU whether such exemption also applies to the management of real estate funds. According to Advocate General Kokott, property management services for real estate funds fall within the scope of the VAT exemption. Should the CJEU adopt this opinion, this would have an impact on the VAT treatment of asset management and property management services for real estate funds in the EU.