VAT deduction denied for investment firm because expenses were not directly attributable to taxable turnover.

The Supreme Administrative Court dismissed the taxpayer's appeal regarding the denial of Value-Added Tax deductions for expenses incurred by an investment firm. The court found that the expenses were not directly attributable to the firm's taxable turnover, as the firm's primary activity was managing assets for others rather than engaging in taxable economic operations itself. Consequently, the court ruled that the statutory conditions for deducting input VAT were not met under the relevant tax laws.