Carried Interest bei Private-Equity-Fonds unterliegt nicht der Umsatzsteuer

In its decision of 7 May 2026 (5 K 100/25), the Lower Saxony Fiscal Court ruled on the VAT treatment of carried interest. In the court’s view, carried interest is not subject to VAT because there is no exchange of services subject to VAT. In a recent article in the tax section of DER BETRIEB, Dmytro Shyshkin examines the decision and its implications for private equity practice.