The Dutch Supreme Court (in Dutch: Hoge Raad der Nederlanden) decided on 25 November 2016, that the VAT exemption for the management of real estate investment funds is applicable only if the (manager of the) relevant investment institution is actually subject to supervision / licensing requirements (as referred to in the then applicable Investment Institutions Supervision Act - in Dutch: Wet toezicht beleggingsinstellingen, "WTB"). The decision in in line with a recent judgment rendered by the Court of Justice of the European Union ("ECJ") on the matter.