37It is otherwise where the holding is accompanied by direct or indirect involvement in the management of the companies in which the holding has been acquired, if that entails carrying out transactions which are subject to VAT, such as the supply of administrative, financial, commercial and technical services (see, to that effect, Polysar Investments Netherlands, paragraph 14; Floridienne and Berginvest, paragraphs 18 and 19; Cibo Participations, paragraphs 20 and 21; and Portugal Telecom, paragraphs 33 and 34).
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