Most recent news

Country-by-Country Reporting approved, Anti-Tax Avoidance Directive vote postponed

On 25 May 2016, the EU Economic and Financial Affairs Council (ECOFIN) approved the implementation of Read more…

Jonas Van de Gucht - Director - PwC belgium

On 25 May 2016, the EU Economic and Financial Affairs Council (ECOFIN) approved the implementation of Read more…

Belgian Net Asset Tax compatible with EU law

The Court of Justice of the European Union (CJEU) ruled on 26 May 2016 that the Belgian Net Asset Tax (NAT) as applicable to foreign investment funds, is compatible with EU law. The CJEU’s decision Read more…

olivier-hermand-author-150x150

The Court of Justice of the European Union (CJEU) ruled on 26 May 2016 that the Belgian Net Asset Tax (NAT) as applicable to foreign investment funds, is compatible with EU law. The CJEU’s decision Read more…

Preparing your business for imminent new reporting obligations

Belgian entities of foreign- or Belgian-headquartered multinational groups with annual revenues exceeding 50 million euros need to assess whether they will Read more…

Jonas Van de Gucht - Director - PwC belgium

Belgian entities of foreign- or Belgian-headquartered multinational groups with annual revenues exceeding 50 million euros need to assess whether they will Read more…

EU Commission Notice on notion of State aid

On 19 May 2016, the EU Commission (EC) published its final Notice on the notion of State aid. The Notice updates the EC’s Notice on the application of the State aid rules to various measures including Read more…

Pieter Deré

On 19 May 2016, the EU Commission (EC) published its final Notice on the notion of State aid. The Notice updates the EC’s Notice on the application of the State aid rules to various measures including Read more…

Cayman Tax: applicable to privately managed funds

Yesterday, the Finance Minister clarified the scope of the Cayman tax with respect to funds. According to the Minister, the tax covers private, institutional Read more…

patrice-delacroix-fs

Yesterday, the Finance Minister clarified the scope of the Cayman tax with respect to funds. According to the Minister, the tax covers private, institutional Read more…

Enhanced transparency for multinational enterprises: 44 tax administrations agree on CbCR and CRS information sharing system

During the 10th meeting of the OECD Forum on Tax Administration (FTA), held on 11, 12 and 13 May 2016, the heads of 44 tax administrations came to an agreement Read more…

Jonas Van de Gucht - Director - PwC belgium

During the 10th meeting of the OECD Forum on Tax Administration (FTA), held on 11, 12 and 13 May 2016, the heads of 44 tax administrations came to an agreement Read more…

New single annual bank tax announced

On Friday the 13th, the Council of Ministers approved a draft bill of law establishing a new single annual bank tax replacing four different existing taxes, with a view to a better distribution Read more…

olivier-hermand-author

On Friday the 13th, the Council of Ministers approved a draft bill of law establishing a new single annual bank tax replacing four different existing taxes, with a view to a better distribution Read more…

Former prohibition of exemption of withholding tax on dividends distributed by Belgian Regulated Real Estate Companies annulled by Constitutional Court

On 11 May 2016, the Belgian Constitutional Court annulled the former prohibition of exemption of withholding tax on dividends distributed by Belgian Regulated Real Estate Companies (RRECs) on the ground Read more…

olivier-hermand-author

On 11 May 2016, the Belgian Constitutional Court annulled the former prohibition of exemption of withholding tax on dividends distributed by Belgian Regulated Real Estate Companies (RRECs) on the ground Read more…

European Commission proposes an EU Directive on public Country-by-Country reporting

As already referred to in our newsflash of 13 April 2016, the European Commission has developed a proposal for a directive which, if approved by the European Parliament and Council Read more…

xavier

As already referred to in our newsflash of 13 April 2016, the European Commission has developed a proposal for a directive which, if approved by the European Parliament and Council Read more…

Belgian Tax on Savings Income: Scope Enlarged

Last week, the Belgian tax authorities published a practice note enlarging the scope of application of the Belgian Tax on Savings Income (or “Reynders Tax”) so as to include new categories Read more…

olivier-hermand-author

Last week, the Belgian tax authorities published a practice note enlarging the scope of application of the Belgian Tax on Savings Income (or “Reynders Tax”) so as to include new categories Read more…

The Belgian Supreme Court ruled that income derived from a received abnormal or gratuitous benefit constitutes a minimum tax base

If an intra-group transaction is considered as “abnormal or gratuitous” – i.e. not being arm’s length –, Belgian tax law prescribes a transfer pricing adjustment. An abnormal or gratuitous Read more…

philippe-vanclooster-author

If an intra-group transaction is considered as “abnormal or gratuitous” – i.e. not being arm’s length –, Belgian tax law prescribes a transfer pricing adjustment. An abnormal or gratuitous Read more…

Union Customs Code enters into force on 1 May 2016

On 1 May 2016, the Regulation (No 952/2013) of the European Parliament and of the Council of 9 October 2013 laying down the Unions Customs Code will enter into force. Apart from major changes Read more…

Lionel Van Reet

On 1 May 2016, the Regulation (No 952/2013) of the European Parliament and of the Council of 9 October 2013 laying down the Unions Customs Code will enter into force. Apart from major changes Read more…

New daily lump-sum allowances list as from 1 April 2016

An employer/company can pay daily lump-sum allowances for foreign business travel to employees or company directors in order to reimburse certain expenses. If the lump-sum reimbursements for short-term Read more…

nicolas-de-limbourg-author

An employer/company can pay daily lump-sum allowances for foreign business travel to employees or company directors in order to reimburse certain expenses. If the lump-sum reimbursements for short-term Read more…

The launch of tax audits in 2016

The Belgian tax authorities have recently announced their focus areas for upcoming tax audits in order to encourage individuals and companies to fulfil their tax obligations. As Read more…

nicolas-de-limbourg-author

The Belgian tax authorities have recently announced their focus areas for upcoming tax audits in order to encourage individuals and companies to fulfil their tax obligations. As Read more…

European Commission proposes public Country-by-Country Reporting (CbCR) rules for EU multinational enterprises

On 12 April 2016, the European Commission (EC) introduced a legislative proposal on public reporting requirements for certain EU enterprises, being multinational groups with a consolidated turnover Read more…

Jonas Van de Gucht - Director - PwC belgium

On 12 April 2016, the European Commission (EC) introduced a legislative proposal on public reporting requirements for certain EU enterprises, being multinational groups with a consolidated turnover Read more…

ESAs publishes final draft Regulatory Technical Standards on KID for PRIIPS

ESAs has finalised its draft RTS on the PRIIPs KID after consulting various interest groups. These final draft RTS provide clarity on the obligation that the PRIIPs Regulation imposes to Read more…

Marleen Mouton_5

ESAs has finalised its draft RTS on the PRIIPs KID after consulting various interest groups. These final draft RTS provide clarity on the obligation that the PRIIPs Regulation imposes to Read more…

Belgium – budgetary control 2016: real estate measures

On 9 April 2016, the federal government reached an agreement on additional budgetary and recovery measures following the 2016 budgetary control exercise. It has been confirmed that measures will be Read more…

Grégory Jurion

On 9 April 2016, the federal government reached an agreement on additional budgetary and recovery measures following the 2016 budgetary control exercise. It has been confirmed that measures will be Read more…

Belgium – budgetary control 2016: reform of corporate tax regime announced

On 9 April 2016, the federal government reached an agreement on additional budgetary and recovery measures following the 2016 budgetary control exercise. To keep the budget on track, among others the Read more…

philippe-vanclooster-author

On 9 April 2016, the federal government reached an agreement on additional budgetary and recovery measures following the 2016 budgetary control exercise. To keep the budget on track, among others the Read more…

Long-awaited MiFID II Delegated Acts published

This MiFID II Delegated Directive brings clarity on some contentious investor protection issues, and confirms some key changes that firms need to accomplish in several important areas. The progress of Read more…

Marleen Mouton_5

This MiFID II Delegated Directive brings clarity on some contentious investor protection issues, and confirms some key changes that firms need to accomplish in several important areas. The progress of Read more…

ESMA publishes final guidelines on sound remuneration policies under UCITS and AIFM Directives

In its newest report, ESMA sheds light on the guidelines relating to the remuneration policies and practices for management companies and their identified staff. On 31 March 2016, the European Securities and Markets Authority (ESMA) published its final guidelines on the remuneration policies for management companies and their identified Read more…

Marleen Mouton_5

In its newest report, ESMA sheds light on the guidelines relating to the remuneration policies and practices for management companies and their identified staff. On 31 March 2016, the European Securities and Markets Authority (ESMA) published its final guidelines on the remuneration policies for management companies and their identified Read more…

ESMA report on enforcement and regulatory activities of accounting enforcers in 2015

This report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Economic Area (EEA) (hereinafter ‘European Read more…

koen-de-grave-author

This report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Economic Area (EEA) (hereinafter ‘European Read more…

VAT on directors fees – new detailed guidelines

In a previous newsflash, we informed you that a company acting as a director (or a liquidator etc.) will no longer be able to invoice its director fees outside the scope of VAT. The entry Read more…

christoph-zenner-author

In a previous newsflash, we informed you that a company acting as a director (or a liquidator etc.) will no longer be able to invoice its director fees outside the scope of VAT. The entry Read more…

New Act on the status and supervision of (re)insurance companies published

On 23 March 2016, the new law on the status and supervision of (re)insurance companies has been published in the Belgian Official Gazette. Before, the Belgian legislation on insurance and reinsurance Read more…

Marleen Mouton_5

On 23 March 2016, the new law on the status and supervision of (re)insurance companies has been published in the Belgian Official Gazette. Before, the Belgian legislation on insurance and reinsurance Read more…

Company-provided family allowance – exempted from social security contributions

Companies can, for example within a flexible reward plan, opt to grant their employees (with children) a so-called ‘family allowance’, which is an additional child benefit on top of the Read more…

nicolas-de-limbourg-author

Companies can, for example within a flexible reward plan, opt to grant their employees (with children) a so-called ‘family allowance’, which is an additional child benefit on top of the Read more…

PwC’s dialogue with Private Equity investors reveals growing interest in responsible investment

There is a growing need for General Partners (GPs) to demonstrate responsible investment behaviour and manage their exposure to environmental, social and governance (‘ESG’) risks Read more…

Dirk_Verheyen

There is a growing need for General Partners (GPs) to demonstrate responsible investment behaviour and manage their exposure to environmental, social and governance (‘ESG’) risks Read more…

Final list of tax havens published

On 10 and 11 March 2016, the final Royal Decrees regarding the revised list of tax havens that apply for the so-called dividends received deduction (‘DRD’) and the reporting obligation Read more…

philippe-vanclooster-author

On 10 and 11 March 2016, the final Royal Decrees regarding the revised list of tax havens that apply for the so-called dividends received deduction (‘DRD’) and the reporting obligation Read more…

EU Member States reach agreement on mandatory automatic exchange of financial information on country-by-country reporting (CbCR)

On 8 March 2016, the Member States of the European Union reached a political agreement on the automatic exchange of country-by-country reporting (CbCR) at a meeting of the Ministers of Economic and Read more…

Jonas Van de Gucht - Director - PwC belgium

On 8 March 2016, the Member States of the European Union reached a political agreement on the automatic exchange of country-by-country reporting (CbCR) at a meeting of the Ministers of Economic and Read more…

30% ruling and 150 km rule: no systematic overcompensation according to Dutch Supreme Court

According to the Dutch Supreme Court, the 150 kilometre criterion under the 30% ruling for employees hired from abroad (expats) is EU proof. The limits of the ruling (the ‘30% of the taxable Read more…

nicolas-de-limbourg-author

According to the Dutch Supreme Court, the 150 kilometre criterion under the 30% ruling for employees hired from abroad (expats) is EU proof. The limits of the ruling (the ‘30% of the taxable Read more…

The Rulings Commission publishes ruling request templates

The Belgian Rulings Commission has recently published ruling request templates. These templates have been prepared in an effort (i) to facilitate access to tax rulings and (ii) for transparency purposes Read more…

hughes-lamon-author-150x150

The Belgian Rulings Commission has recently published ruling request templates. These templates have been prepared in an effort (i) to facilitate access to tax rulings and (ii) for transparency purposes Read more…

The Belgian Savings Deposits again before the Court of Justice!

After having been sentenced in 2013 for ‘discriminatory’ tax treatment, the since then modified prima facie non-discriminatory legislation comes back before the CJEU, as a ‘restrictive’ Read more…

patrice-delacroix-author-150x150

After having been sentenced in 2013 for ‘discriminatory’ tax treatment, the since then modified prima facie non-discriminatory legislation comes back before the CJEU, as a ‘restrictive’ Read more…

MiFID II entry into force delayed for one year!

On 10 February 2016, the Commission has proposed a one-year extension for the entry into force of the revised Markets in Financial Instruments Directive, i.e. MiFID II. Given the previous statements Read more…

Marleen Mouton_5

On 10 February 2016, the Commission has proposed a one-year extension for the entry into force of the revised Markets in Financial Instruments Directive, i.e. MiFID II. Given the previous statements Read more…

European Commission proposes Anti-Tax Avoidance Package

On 28 January 2016, the EU Commission presented its Anti-Tax Avoidance Package.  The continuing political will to address tax avoidance may result in the 100% consensus required by EU Member States Read more…

philippe-vanclooster-author

On 28 January 2016, the EU Commission presented its Anti-Tax Avoidance Package.  The continuing political will to address tax avoidance may result in the 100% consensus required by EU Member States Read more…

Insurance Distribution Directive published in Official Journal of the EU

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution was published in the Official Journal on 2 February 2016. 1. In general The Directive (EU) 2016/97 Read more…

Marleen Mouton_5

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution was published in the Official Journal on 2 February 2016. 1. In general The Directive (EU) 2016/97 Read more…

IFRS 16 – Leases Standard

The International Accounting Standards Board (‘IASB’) announced a new leasing standard that will come into effect on 1 January 2019 (earlier application permitted for accounting periods ending on Read more…

Jorgen_Broothaers

The International Accounting Standards Board (‘IASB’) announced a new leasing standard that will come into effect on 1 January 2019 (earlier application permitted for accounting periods ending on Read more…

Meal vouchers and non-recurring collective bonuses – adjustment to maximum amounts

The Act of 6 December 2015 contained the following adjustments with respect to ‘meal vouchers’ and ‘non-recurrent collective bonuses’, applicable as from 1 January 2016.

nicolas-de-limbourg-author

The Act of 6 December 2015 contained the following adjustments with respect to ‘meal vouchers’ and ‘non-recurrent collective bonuses’, applicable as from 1 January 2016.

Enhanced transparency for multinational enterprises: Multilateral agreement enabling automatic sharing of Country-by-Country reports signed

31 countries signed the Multilateral Competent Authority Agreement (MCAA) on 28 January 2016, which will bring greater sharing of information in international tax matters. The MCCA Read more…

Jonas Van de Gucht - Director - PwC belgium

31 countries signed the Multilateral Competent Authority Agreement (MCAA) on 28 January 2016, which will bring greater sharing of information in international tax matters. The MCCA Read more…

Belgium – Reduced dividend withholding tax rate of 1.6995% for minority corporate shareholders

The Belgian withholding tax act has been recently modified as a result of the European ‘Tate & Lyle’ case. The new Act limits the withholding tax on dividends distributed to foreign minority corporate shareholders by Belgian companies to 1.6995% instead of 27%, if certain conditions are met. In 2012, the European Court of Justice ruled that the Belgian dividend […]

lieven-schoonjans-author

The Belgian withholding tax act has been recently modified as a result of the European ‘Tate & Lyle’ case. The new Act limits the withholding tax on dividends distributed to foreign minority corporate shareholders by Belgian companies to 1.6995% instead of 27%, if certain conditions are met. In 2012, the European Court of Justice ruled that the Belgian dividend […]

New draft legislation published on the status and supervision of insurance or reinsurance companies

This draft legislation proposes important new rules for reinsurance companies and fills certain gaps currently existing in the law. 1. Current legislation The legislation on insurance and reinsurance companies is currently split into two parts: the Act of 9 July 1975 on the control of insurance companies (the Insurance Act) and Read more…

Marleen Mouton_5

This draft legislation proposes important new rules for reinsurance companies and fills certain gaps currently existing in the law. 1. Current legislation The legislation on insurance and reinsurance companies is currently split into two parts: the Act of 9 July 1975 on the control of insurance companies (the Insurance Act) and Read more…

Belgian Net Asset Tax before the Court of Justice of the EU – AG’s Opinion released

According to the Advocate General’s opinion issued on 21 January 2016, the Belgian Net Asset Tax applied to foreign investment funds is compatible with European law. The Court of Justice of the Read more…

olivier-hermand-author

According to the Advocate General’s opinion issued on 21 January 2016, the Belgian Net Asset Tax applied to foreign investment funds is compatible with European law. The Court of Justice of the Read more…

Belgium – New flexible deadline for the first FATCA reporting

On 18 January 2016, the Belgian Federal Public Service of Finance (FPS Finance) announced that, following consultation with the financial sector, it will apply an administrative tolerance as regards Read more…

stephane_martin-150x150

On 18 January 2016, the Belgian Federal Public Service of Finance (FPS Finance) announced that, following consultation with the financial sector, it will apply an administrative tolerance as regards Read more…

Securities Financing Transactions Regulation enters into force

The new Regulation on transparency of Securities Financing Transactions (also known as SFTR) was published in the Official Journal of the EU on 23 December 2015 and entered into force on 12 Read more…

Marleen Mouton_5

The new Regulation on transparency of Securities Financing Transactions (also known as SFTR) was published in the Official Journal of the EU on 23 December 2015 and entered into force on 12 Read more…

Wage withholding tax scales as applicable for income year 2016

The Royal Decree of 16 December 2015 containing the Belgian wage withholding tax scales for income year 2016 was published in the Belgian Official Gazette of 21 December 2015. These annually updated Read more…

nicolas-de-limbourg-author

The Royal Decree of 16 December 2015 containing the Belgian wage withholding tax scales for income year 2016 was published in the Belgian Official Gazette of 21 December 2015. These annually updated Read more…

Adjustment with respect to the tax reduction for pension savings

A bill of law containing various provisions was recently submitted to Belgian Parliament. Amongst other measures this draft legislation contains a provision on the tax reduction for pension savings. In Read more…

nicolas-de-limbourg-author

A bill of law containing various provisions was recently submitted to Belgian Parliament. Amongst other measures this draft legislation contains a provision on the tax reduction for pension savings. In Read more…

Benefit in kind – Private use of a company car: Updated formula for 2016

The new reference CO2 emission for calculating the taxable benefit in kind for the private use of a company car in the hands of company directors and employees has been published in the Royal Decree Read more…

nicolas-de-limbourg-author

The new reference CO2 emission for calculating the taxable benefit in kind for the private use of a company car in the hands of company directors and employees has been published in the Royal Decree Read more…

Belgium to introduce a new capital gains tax

In the framework of the ‘Tax Shift’ agreement, the Belgian government announced a new speculative tax (or capital gains tax, below ‘CGT’). The bill of law on measures for strengthening job creation Read more…

olivier-hermand-author

In the framework of the ‘Tax Shift’ agreement, the Belgian government announced a new speculative tax (or capital gains tax, below ‘CGT’). The bill of law on measures for strengthening job creation Read more…

FATCA & CRS – Belgian bill – Flexible application of 10 days deadline

On 15 December 2015, the Belgian Federal Public Service of Finance (“FPS Finance”) issued a communication with respect Read more…

stephane_martin

On 15 December 2015, the Belgian Federal Public Service of Finance (“FPS Finance”) issued a communication with respect Read more…

FATCA & CRS – Belgian bill adopted

On 10 December 2015, the Belgian Parliament voted – in plenary session – the bill “on the communication of information relating to financial accounts, by Belgian financial institutions and the Read more…

stephane_martin

On 10 December 2015, the Belgian Parliament voted – in plenary session – the bill “on the communication of information relating to financial accounts, by Belgian financial institutions and the Read more…

Belgian Minister of Finance sheds light on implementation of BEPS related measures

The Belgian Minister of Finance has just shared new insights on how Belgium will be addressing the outcome of the OECD/G20 project in relation to Base Erosion and Profit Shifting (“BEPS”). He opted Read more…

patrick-boone-author

The Belgian Minister of Finance has just shared new insights on how Belgium will be addressing the outcome of the OECD/G20 project in relation to Base Erosion and Profit Shifting (“BEPS”). He opted Read more…

NBB publishes circular introducing governance manual for banking sector

Since the introduction of the new Banking Act[1], various governance rules have been updated and further detailed. The National Bank of Belgium published on 7 December 2015 Read more…

olivier-hermand-author

Since the introduction of the new Banking Act[1], various governance rules have been updated and further detailed. The National Bank of Belgium published on 7 December 2015 Read more…

Have you considered the VAT impact when dealing with Transactions?

In today’s tax world, considering VAT in a timely manner is key to limiting the negative impact it can have on your transaction budget. VAT on transactions can lead to either VAT savings or a VAT Read more…

christoph-zenner-author

In today’s tax world, considering VAT in a timely manner is key to limiting the negative impact it can have on your transaction budget. VAT on transactions can lead to either VAT savings or a VAT Read more…

Increase of purchasing power of employees for 2016 and 2017

We hereby inform you that the industrial partners have concluded a new sectoral agreement for Joint Committee (JC) 200 for the years 2016 and 2017. This JC replaces the previous JC 218 and is applicable Read more…

bart-elias-author

We hereby inform you that the industrial partners have concluded a new sectoral agreement for Joint Committee (JC) 200 for the years 2016 and 2017. This JC replaces the previous JC 218 and is applicable Read more…

New dispensation to calculate the days of presence of Belgian tax residents in Luxembourg

Just before the summer holidays, the Belgian tax authorities have published a Practice Note (Practice Note AGFisc No. 22/2015 (No. Ci.700.520) dated 1st June 2015) regarding the amicable agreement of Read more…

nicolas-de-limbourg-author

Just before the summer holidays, the Belgian tax authorities have published a Practice Note (Practice Note AGFisc No. 22/2015 (No. Ci.700.520) dated 1st June 2015) regarding the amicable agreement of Read more…

Progress regarding implementation of Single (work and residence) Permit Directive

The EU Single Permit Directive 2011/98/EU requires the member states to adopt a single combined work and residence permit application procedure, and it needed to be transposed into national Read more…

bart-elias-author

The EU Single Permit Directive 2011/98/EU requires the member states to adopt a single combined work and residence permit application procedure, and it needed to be transposed into national Read more…

Draft Program Act of 26 November 2015 – Tax measures

A draft Program Act has recently been submitted to Belgian Parliament, containing the following tax measures: When a former employee has entered into the system of unemployment with company surcharge Read more…

nicolas-de-limbourg-author

A draft Program Act has recently been submitted to Belgian Parliament, containing the following tax measures: When a former employee has entered into the system of unemployment with company surcharge Read more…

Lists of tax havens revised

On 27 November 2015 the Council of Ministers revised the lists of tax havens that apply for the purposes of the so-called dividends-received deduction (‘DRD’) and the reporting obligation for payments Read more…

philippe-vanclooster-author

On 27 November 2015 the Council of Ministers revised the lists of tax havens that apply for the purposes of the so-called dividends-received deduction (‘DRD’) and the reporting obligation for payments Read more…

End of year is approaching: rules of the game for gift vouchers

One option to reward employees in a tax-friendly manner at the end of this year is to provide them with a gift, i.e. gifts in kind or in cash, or vouchers for books, sporting and cultural events, movies Read more…

bart-elias-author

One option to reward employees in a tax-friendly manner at the end of this year is to provide them with a gift, i.e. gifts in kind or in cash, or vouchers for books, sporting and cultural events, movies Read more…

Single resolution fund on schedule for 1 January 2016

The EU’s single resolution mechanism will enter into force, as scheduled, on 1 January 2016. This signals completion of the second pillar of Europe’s banking union. As of 30 November 2015, a sufficient number of member states ratified an intergovernmental agreement (IGA) on the transfer and mutualisation of contributions to a single resolution Read more…

olivier-hermand-author

The EU’s single resolution mechanism will enter into force, as scheduled, on 1 January 2016. This signals completion of the second pillar of Europe’s banking union. As of 30 November 2015, a sufficient number of member states ratified an intergovernmental agreement (IGA) on the transfer and mutualisation of contributions to a single resolution Read more…

Financial Sector Contribution: (proposed) rates increases

On 26 November, the Belgian Government introduced a bill of law comprising, already, some changes to the brand-new Financial Sector Contribution (FSC) introduced by the Act of 10 August 2015. As a reminder Read more…

olivier-hermand-author

On 26 November, the Belgian Government introduced a bill of law comprising, already, some changes to the brand-new Financial Sector Contribution (FSC) introduced by the Act of 10 August 2015. As a reminder Read more…

Fund structuring – Impact of BEPS

One of the most important decision-making factors that an asset manager (General Partner – GP) considers in setting up a fund is to ensure that the investment structure is tax neutral for its Read more…

hughes-lamon-author

One of the most important decision-making factors that an asset manager (General Partner – GP) considers in setting up a fund is to ensure that the investment structure is tax neutral for its Read more…

European Parliament accepts possible delay MiFID II

In an official statement that was published by the European Parliament on Friday 27 November 2015, MiFID II Rapporteur Markus Ferber tentatively accepted a one-year delay of the implementation Read more…

geraldine-dargembeau

In an official statement that was published by the European Parliament on Friday 27 November 2015, MiFID II Rapporteur Markus Ferber tentatively accepted a one-year delay of the implementation Read more…

VAT on directors’ fees: application as from 1 April instead of 1 January 2016

The Belgian VAT authorities have decided to abolish the tolerance for companies acting as directors to carry out their services without charging VAT. In practice this means that a company will not be Read more…

christoph-zenner-author

The Belgian VAT authorities have decided to abolish the tolerance for companies acting as directors to carry out their services without charging VAT. In practice this means that a company will not be Read more…

Tax reform announced in the Flemish Region

Following the recent tax reform announcements in the Brussels Capital Region and Walloon Region, the Flemish Government has recently also announced a reform on the ‘tax reduction for mortgage Read more…

nicolas-de-limbourg-author

Following the recent tax reform announcements in the Brussels Capital Region and Walloon Region, the Flemish Government has recently also announced a reform on the ‘tax reduction for mortgage Read more…

Indexation of minimum required salary for work permit of highly-qualified and managerial employees

In order to obtain a Belgian work permit for individuals in the capacity of highly qualified or managerial employees, a specific minimum salary has to be observed, as provided under Belgian immigration Read more…

bart-elias-author

In order to obtain a Belgian work permit for individuals in the capacity of highly qualified or managerial employees, a specific minimum salary has to be observed, as provided under Belgian immigration Read more…

MiFID II implementation potential delay

In a speech to the EU Parliament, Steven Maijoor, Chairman of the ESMA, flagged that the current MiFID II timetable is “extremely tight” and delaying certain parts of it Read more…

geraldine-dargembeau

In a speech to the EU Parliament, Steven Maijoor, Chairman of the ESMA, flagged that the current MiFID II timetable is “extremely tight” and delaying certain parts of it Read more…

Sveda case: Can a Baltic mythology park trigger an important EUCJ judgment on VAT deduction ?

The EUCJ is sometimes taking key positions in an improbable context. This is such a case ! The VAT deduction on the construction of a Baltic mythology recreational park has been rejected, as the park Read more…

christoph-zenner-author

The EUCJ is sometimes taking key positions in an improbable context. This is such a case ! The VAT deduction on the construction of a Baltic mythology recreational park has been rejected, as the park Read more…

Management exit considerations: capital gains tax treatment

Retaining and incentivising the management of portfolio companies is key for private equity firms. Managers will thus invest alongside with investors and enter into some incentive arrangements. At a Read more…

hughes-lamon-author

Retaining and incentivising the management of portfolio companies is key for private equity firms. Managers will thus invest alongside with investors and enter into some incentive arrangements. At a Read more…

Uncertainty over Income Tax Treatments under IFRS

On 21 October 2015, the IFRS Interpretations Committee (‘IFRS IC’) published for public comment an Interpretation on how uncertainty over income tax treatments should affect the accounting for income Read more…

koen-de-grave-author

On 21 October 2015, the IFRS Interpretations Committee (‘IFRS IC’) published for public comment an Interpretation on how uncertainty over income tax treatments should affect the accounting for income Read more…

Luxembourg, Cyprus and Seychelles removed from OECD’s list of uncooperative tax havens

On 30 October 2015, the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes (‘Global Forum’) announced that Cyprus, Luxembourg and the Seychelles Read more…

philippe-vanclooster-author

On 30 October 2015, the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes (‘Global Forum’) announced that Cyprus, Luxembourg and the Seychelles Read more…

Brazil: Changes to calculation basis of net equity payments and to withholding tax on interest

Here’s a link to a Tax Newsalert with respect to Brazil Taxation you may find very interesting – link This ITS Newsalert reports on Provisional Measure 694/2015, which changes the calculation Read more…

jan

Here’s a link to a Tax Newsalert with respect to Brazil Taxation you may find very interesting – link This ITS Newsalert reports on Provisional Measure 694/2015, which changes the calculation Read more…

Tax reform announced in the Walloon Region

Recently, the Walloon Government announced a tax reform with respect to the “tax reduction for mortgage loans for the sole and own dwelling”. In this respect, a so-called system of “chèque habitat” Read more…

nicolas-de-limbourg-author

Recently, the Walloon Government announced a tax reform with respect to the “tax reduction for mortgage loans for the sole and own dwelling”. In this respect, a so-called system of “chèque habitat” Read more…

Update – Netherlands – Case law on the 150 km criterion of the 30% regime

As mentioned in our headline of 27 February 2015, the European Court of Justice (‘ECJ’) issued a preliminary ruling on the question whether the 150 km criterion of the 30% regime for incoming workers Read more…

nicolas-de-limbourg-author

As mentioned in our headline of 27 February 2015, the European Court of Justice (‘ECJ’) issued a preliminary ruling on the question whether the 150 km criterion of the 30% regime for incoming workers Read more…

Update – Case law on exemption method for foreign employment income incompatible with EU Law

As mentioned in our headline of 15 July 2014, the Belgian tax authorities published a practice note (updating their position on to the attribution of personal tax benefits) after Belgium was sentenced Read more…

nicolas-de-limbourg-author

As mentioned in our headline of 15 July 2014, the Belgian tax authorities published a practice note (updating their position on to the attribution of personal tax benefits) after Belgium was sentenced Read more…

EU Commission’s final decisions in Starbucks and Fiat state aid cases

On 21 October 2015, the European Commission decided that Luxembourg and the Netherlands have granted selective tax advantages to Fiat Finance and Trade and Starbucks, respectively. These are illegal Read more…

tom-wallyn

On 21 October 2015, the European Commission decided that Luxembourg and the Netherlands have granted selective tax advantages to Fiat Finance and Trade and Starbucks, respectively. These are illegal Read more…

Allocation of acquisition debt: economic rationale is key!

In today’s tax world, having a strong economic rationale to support an entity’s leverage is key. In our recent experience, the tax authorities look at a company’s gearing in 3 ways: Business purpose test: what is the motivation for each entity taking a loan? TP principles: Is the interest rate at arm’s length considering the […]

david-ledure2

In today’s tax world, having a strong economic rationale to support an entity’s leverage is key. In our recent experience, the tax authorities look at a company’s gearing in 3 ways: Business purpose test: what is the motivation for each entity taking a loan? TP principles: Is the interest rate at arm’s length considering the […]

Tax reform announced in the Brussels Region

The Brussels Capital Region has recently presented its budget for 2016. Amongst others, a tax reform was announced, which will be implemented partially in 2016 and partially in 2017. In 2016, the lump-sum Read more…

nicolas-de-limbourg-author

The Brussels Capital Region has recently presented its budget for 2016. Amongst others, a tax reform was announced, which will be implemented partially in 2016 and partially in 2017. In 2016, the lump-sum Read more…

FASB redeliberates two proposed Accounting Standards Updates

During the 5 October 2015 Board meeting, the Financial Accounting Standards Board (‘FASB’) discussed external feedback received and began redeliberations on two proposed ASU’s: Income Taxes (Topic 740): Intra-Entity Asset Transfers, and Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. In evaluating the Read more…

koen-de-grave-author

During the 5 October 2015 Board meeting, the Financial Accounting Standards Board (‘FASB’) discussed external feedback received and began redeliberations on two proposed ASU’s: Income Taxes (Topic 740): Intra-Entity Asset Transfers, and Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. In evaluating the Read more…

Aligning transfer pricing outcomes with value creation – Revised chapters I, II, VI and VII of the OECD Transfer Pricing Guidelines

On 5 October 2015, the OECD presented its final package of Base Erosion and Profit Shifting (BEPS) measures for a comprehensive, coherent, and co-ordinated reform of the international tax Read more…

patrick-boone-author

On 5 October 2015, the OECD presented its final package of Base Erosion and Profit Shifting (BEPS) measures for a comprehensive, coherent, and co-ordinated reform of the international tax Read more…

Agreement on automatic exchange of information within the EU

On 6 October  2015, the EU Finance Ministers reached political agreement in the Council to amend Directive 2011/16/EU on administrative cooperation in the field of taxation. The revised Read more…

patrick-boone-author

On 6 October  2015, the EU Finance Ministers reached political agreement in the Council to amend Directive 2011/16/EU on administrative cooperation in the field of taxation. The revised Read more…

New administrative VAT decision: Travel package and insurance services – Impact for Belgian lease industry

The Belgian VAT authorities have published a new administrative decision clarifying the VAT treatment of offerings by travel agencies consisting of both travel services and insurance services, based Read more…

christoph-zenner-author

The Belgian VAT authorities have published a new administrative decision clarifying the VAT treatment of offerings by travel agencies consisting of both travel services and insurance services, based Read more…

Belgium: new agreement on Tax Shift

On 10 October 2015, the Belgian federal government reached a new agreement on the so-called “tax shift”. The tax shift is the shift from tax on labour to other taxes. The objectives of the tax shift Read more…

philippe-vanclooster-author-150x150

On 10 October 2015, the Belgian federal government reached a new agreement on the so-called “tax shift”. The tax shift is the shift from tax on labour to other taxes. The objectives of the tax shift Read more…

Is your upper-tier structure BEPS-proof?

The OECD BEPS Action Plan and parallel developments impact each layer of a multinational structure, including the upper tier. Specifically, having insufficient relevant substance at upper tier level Read more…

hughes-lamon-author

The OECD BEPS Action Plan and parallel developments impact each layer of a multinational structure, including the upper tier. Specifically, having insufficient relevant substance at upper tier level Read more…

Automatic exchange of information of advance cross-border tax rulings from 1 January 2017

On 6 October 2015, the EU Finance Ministers reached political agreement in the Council to amend the existing Directive 2011/16/EU on administrative cooperation in the field of taxation (“the Directive”) Read more…

patrick-boone-author-150x150

On 6 October 2015, the EU Finance Ministers reached political agreement in the Council to amend the existing Directive 2011/16/EU on administrative cooperation in the field of taxation (“the Directive”) Read more…

OECD recommendations on BEPS proposals for G20 and wider take-up

On 5 October 2015, multinational enterprises (“MNEs”) received final recommendations from the OECD’s base erosion and profit shifting (“BEPS”) project. This week Read more…

patrick-boone-author

On 5 October 2015, multinational enterprises (“MNEs”) received final recommendations from the OECD’s base erosion and profit shifting (“BEPS”) project. This week Read more…

Global Tax Accounting Services Newsletter (July – September 2015)

The newsletter is to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing technical guidance on challenging tax accounting areas.

koen-de-grave-author

The newsletter is to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing technical guidance on challenging tax accounting areas.

Belgian withholding tax on interest income paid to foreign investment companies: exemption enlarged

Following an infringement procedure initiated by the European Commission several years ago, Belgium has finally amended its regulation regarding the perception of withholding tax on Belgian-source Read more…

olivier-hermand-author

Following an infringement procedure initiated by the European Commission several years ago, Belgium has finally amended its regulation regarding the perception of withholding tax on Belgian-source Read more…

Biztax filing deadline postponed to 7 October 2015

The Federal Public Department of Finance announced today that the deadline for filling tax returns via Biztax is postponed to 7 October 2015 due to IT problems. This extended deadline applies to tax Read more…

lieven-schoonjans-author

The Federal Public Department of Finance announced today that the deadline for filling tax returns via Biztax is postponed to 7 October 2015 due to IT problems. This extended deadline applies to tax Read more…

ESMA readies MiFID II, MAR, and CSDR

ESMA published its final draft technical standards on some of the most important pieces of post-crisis financial regulation: MiFID II, MAR and CSDR. On 28 September 2015, the European Securities and Read more…

olivier-hermand-author

ESMA published its final draft technical standards on some of the most important pieces of post-crisis financial regulation: MiFID II, MAR and CSDR. On 28 September 2015, the European Securities and Read more…

Belgian Court of Appeal: substance is also key for VAT

In the case at hand, the Belgian Court of Appeal ruled that a Luxembourg transportation company had an establishment in Belgium for VAT purposes as the company was mostly operating Read more…

christoph-zenner-author

In the case at hand, the Belgian Court of Appeal ruled that a Luxembourg transportation company had an establishment in Belgium for VAT purposes as the company was mostly operating Read more…

Impact of BEPS on M&A – Why should we care?

The OECD’s Base Erosion and Profit Shifting project (BEPS) project is the answer of the G20 to the current public debate around the use of privileged regimes. It is meant to define rules Read more…

hughes-lamon-author

The OECD’s Base Erosion and Profit Shifting project (BEPS) project is the answer of the G20 to the current public debate around the use of privileged regimes. It is meant to define rules Read more…

Payments to Cyprus and Luxembourg: subject to new reporting obligation, screen your existing structures

Payments by Belgian companies of over EUR 100K (in total) to recipients in Luxembourg and Cyprus must now be reported individually in a specific form to the tax authorities. If not, they risk being Read more…

jan

Payments by Belgian companies of over EUR 100K (in total) to recipients in Luxembourg and Cyprus must now be reported individually in a specific form to the tax authorities. If not, they risk being Read more…

Final report on draft Implementing Technical Standards

ESMA has published its final report on draft Implementing Technical Standards on the procedures and forms for submitting information to ESMA by national competent authorities in relation to Read more…

olivier-hermand-author

ESMA has published its final report on draft Implementing Technical Standards on the procedures and forms for submitting information to ESMA by national competent authorities in relation to Read more…

Possible adjustment to the tax-free amount for tax equalisation for foreign executives

The Belgian tax authorities have recently introduced some changes to the so-called “technical note” detailing the calculation of the recurring tax-free allowances in the framework of the special Read more…

nicolas-de-limbourg-author

The Belgian tax authorities have recently introduced some changes to the so-called “technical note” detailing the calculation of the recurring tax-free allowances in the framework of the special Read more…

Notional interest deduction rate for tax year 2017 is 1,131%

The Belgian NID rate for tax year 2017 (accounting years ending between 31 December 2016 and 30 December 2017, both dates included) would be 1,131%. For SMEs (Small and Medium-sized Read more…

philippe-vanclooster-author

The Belgian NID rate for tax year 2017 (accounting years ending between 31 December 2016 and 30 December 2017, both dates included) would be 1,131%. For SMEs (Small and Medium-sized Read more…

EU Commission released new VAT Gap Study – Belgian Gap in 2013 estimated at 10% or EUR 3.2 billion

On 4 September 2015, the European Commission released the latest figures on the so-called “VAT Gap”. The VAT Gap is an indicator of the effectiveness of VAT enforcement and compliance measures Read more…

Wouter-Villette-2

On 4 September 2015, the European Commission released the latest figures on the so-called “VAT Gap”. The VAT Gap is an indicator of the effectiveness of VAT enforcement and compliance measures Read more…

Reporting obligation for payments to tax havens: impact for payments to Cyprus and Luxembourg

Companies subject to Belgian corporate income tax (residents or non-residents) have to declare direct or indirect payments exceeding EUR 100,000 to recipients established in ‘tax havens’. For these Read more…

philippe-vanclooster-author

Companies subject to Belgian corporate income tax (residents or non-residents) have to declare direct or indirect payments exceeding EUR 100,000 to recipients established in ‘tax havens’. For these Read more…

Cayman tax enacted – List of legal entities published

With the Program Law of 10 August 2015, the so-called “Cayman tax” has been implemented. Under this regime, certain legal constructions are treated as transparent for Belgian tax purposes, implying Read more…

tom-wallyn

With the Program Law of 10 August 2015, the so-called “Cayman tax” has been implemented. Under this regime, certain legal constructions are treated as transparent for Belgian tax purposes, implying Read more…

The OECD issues new guidance on automatic exchange of information

On 7 August 2015, the OECD released three reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information (CRS). The first report is a handbook for implementing CRS (CRS Read more…

stephane_martin

On 7 August 2015, the OECD released three reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information (CRS). The first report is a handbook for implementing CRS (CRS Read more…

OECD is heading toward consensus on interest limitation rules

The OECD and country representatives of the OECD Working Party 11 (‘WP11′) are likely to recommend in the BEPS action plan that local interest limitation rules should focus primarily Read more…

david-ledure2

The OECD and country representatives of the OECD Working Party 11 (‘WP11′) are likely to recommend in the BEPS action plan that local interest limitation rules should focus primarily Read more…

ESMA published advice on the extension of AIFMD passports to non-EU AIFMs and non-EU AIFs

ESMA has published its final opinion and advice on Article 67 (1) AIFMD i.e. on passporting of EU AIFMs and national private placement regimes, as well as on the extension of the AIFMD passport Read more…

olivier-hermand-author

ESMA has published its final opinion and advice on Article 67 (1) AIFMD i.e. on passporting of EU AIFMs and national private placement regimes, as well as on the extension of the AIFMD passport Read more…