Most recent news

Delay in ESMA’s opinion and advice on Article 67 (1) AIFMD.

ESMA has announced that its final opinion and advice on passporting of EU AIFMs and national private placement regimes, as well as on the extension of the AIFMD passport to non-EU AIFMs and non-EU AI … more

olivier-hermand-author

ESMA has announced that its final opinion and advice on passporting of EU AIFMs and national private placement regimes, as well as on the extension of the AIFMD passport to non-EU AIFMs and non-EU AI … more

Belgium: agreement on tax shift

On 23 July 2015, the Belgian federal government reached an agreement on the so-called “tax shift”. The tax shift is mainly aimed at i) reducing the tax burden on labour, ii) improving the competitive … more

Philippe Vanclooster

On 23 July 2015, the Belgian federal government reached an agreement on the so-called “tax shift”. The tax shift is mainly aimed at i) reducing the tax burden on labour, ii) improving the competitive … more

What does today’s Belgian budget and tax-shift agreement mean?

What does today’s Belgian budget and tax-shift agreement mean? Today, the Belgian government announced various tax measures of particular interest for the real estate and financial sectors. The new measures include a new regime for institutional real estate funds, an inc … more

Gregory Jurion

What does today’s Belgian budget and tax-shift agreement mean? Today, the Belgian government announced various tax measures of particular interest for the real estate and financial sectors. The new measures include a new regime for institutional real estate funds, an inc … more

Dutch Supreme Court rules that Luxembourg SICAV is not entitled to a refund of Dutch dividend withholding tax

On 10 July 2015, the Dutch Supreme Court ruled that a Luxembourg SICAV is not comparable to a Dutch Fiscal Investment Institution (“FBI”). Therefore, the SICAV is not entitled to a refun … more

olivier-hermand-author

On 10 July 2015, the Dutch Supreme Court ruled that a Luxembourg SICAV is not comparable to a Dutch Fiscal Investment Institution (“FBI”). Therefore, the SICAV is not entitled to a refun … more

OECD Public Consultation on BEPS Actions 8 through 10 reveals planned revisions to transfer pricing drafts

During the July 6-7, 2015 public consultation on BEPS Actions 8 through 10, the OECD Working Party 6 announced planned revisions to its proposed changes to the Transfer Pricing Guidelines, i … more

Isabel Verlinden

During the July 6-7, 2015 public consultation on BEPS Actions 8 through 10, the OECD Working Party 6 announced planned revisions to its proposed changes to the Transfer Pricing Guidelines, i … more

Federal Public Department Finance launches new centres for ‘large companies’

‘Large companies’ The Belgian government has changed the way tax audits and dispute resolution for large companies are being organised. More in particular, 7 new centres for ‘large companies’ and a ce … more

Philippe Vanclooster

‘Large companies’ The Belgian government has changed the way tax audits and dispute resolution for large companies are being organised. More in particular, 7 new centres for ‘large companies’ and a ce … more

Global Tax Accounting Services Newsletter (April – June 2015)

This release is designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing some technical guidance on challenging tax accounting areas. T … more

koen-de-grave-author

This release is designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing some technical guidance on challenging tax accounting areas. T … more

Non-Resident companies must file Belgian non-resident tax return electronically

As of assessment year 2015 the non-resident corporate income tax return must also be filed electronically in Belgium (BizTax application). The due date for the filing is set at 30 September 2015. N … more

Philippe Vanclooster

As of assessment year 2015 the non-resident corporate income tax return must also be filed electronically in Belgium (BizTax application). The due date for the filing is set at 30 September 2015. N … more

Draft Program Act now includes the Financial Sector Contribution to State revenue

On 30 June 2015, the Finance and Budget Commission approved a draft Program Act now including the so-called Financial Sector Contribution (FSC) by which banks and insurance companies should bear an additiona … more

olivier-hermand-author

On 30 June 2015, the Finance and Budget Commission approved a draft Program Act now including the so-called Financial Sector Contribution (FSC) by which banks and insurance companies should bear an additiona … more

Q&A on financial planning published by FSMA

The FSMA has published a Q&A on financial planning in Belgium.  Since 1 November 2014 and the entry into force of the law of 25 April 2014 on the status and supervision of independent financial planners … more

olivier-hermand-author

The FSMA has published a Q&A on financial planning in Belgium.  Since 1 November 2014 and the entry into force of the law of 25 April 2014 on the status and supervision of independent financial planners … more

New lump-sum amount for reimbursement of business use of private car

Employees using a privately-owned car for business purposes can now be reimbursed a lump-sum amount of EUR 0.3412 per kilometre. Costs that an employee incurs when using a privately-owned car for business pu … more

Nicolas de Limbourg

Employees using a privately-owned car for business purposes can now be reimbursed a lump-sum amount of EUR 0.3412 per kilometre. Costs that an employee incurs when using a privately-owned car for business pu … more

VAT: for B2B situations the former tax point rules will be reinstated for advance invoicing!

Upon proposal of the Finance Cabinet, the Council of Ministers has approved a draft bill that reinstates the issuance of an advance invoice in B2B situations; this causes the VAT to become due in … more

Christoph Zenner

Upon proposal of the Finance Cabinet, the Council of Ministers has approved a draft bill that reinstates the issuance of an advance invoice in B2B situations; this causes the VAT to become due in … more

Skandia case: upcoming law formally confirms position of Belgian VAT authorities

Belgium has taken steps to respond to the outcome of the Skandia America Corp court case (C-7/13 of 17 September 2014). Indeed, the Belgian cabinet council has recently approved a draft proposal of … more

Christoph Zenner

Belgium has taken steps to respond to the outcome of the Skandia America Corp court case (C-7/13 of 17 September 2014). Indeed, the Belgian cabinet council has recently approved a draft proposal of … more

OECD releases model documents for implementing BEPS country-by-country reporting

On 8 June 2015, the OECD released a “Country-by-Country Reporting Implementation Package”. The package includes model legislation the OECD suggests could be used by countries t … more

Patrick Boone

On 8 June 2015, the OECD released a “Country-by-Country Reporting Implementation Package”. The package includes model legislation the OECD suggests could be used by countries t … more

OECD Discussion Draft on transfer pricing aspects of hard-to-value intangibles published

The OECD has published a discussion draft on the arm’s length pricing of intangibles when valuation is highly uncertain at the time of the transaction or the intangibles are hard t … more

Patrick Boone

The OECD has published a discussion draft on the arm’s length pricing of intangibles when valuation is highly uncertain at the time of the transaction or the intangibles are hard t … more

European Commission takes the next step in its EU-wide State aid review of tax ruling practices

On 8 June 2015, the European Commission announced its next steps in its EU-wide State aid review of Member States’ tax ruling practices. The European Commission states in its press release that, followi … more

Philippe Vanclooster

On 8 June 2015, the European Commission announced its next steps in its EU-wide State aid review of Member States’ tax ruling practices. The European Commission states in its press release that, followi … more

Meal vouchers and non-recurring collective bonuses – Adjustment of maximum amounts

The Council of Ministers has introduced a draft bill in Parliament. This draft legislation envisages two specific measures with respect to ‘meal vouchers’ and ‘non-recurring bonuses’, which are plann … more

Nicolas de Limbourg

The Council of Ministers has introduced a draft bill in Parliament. This draft legislation envisages two specific measures with respect to ‘meal vouchers’ and ‘non-recurring bonuses’, which are plann … more

European Commission publishes decision to investigate the Belgian excess profit provision

The non-confidential version of the European Commission’s opening decision announcing the formal investigation into the Belgian Excess Profit provision embodied in section … more

Philippe Vanclooster

The non-confidential version of the European Commission’s opening decision announcing the formal investigation into the Belgian Excess Profit provision embodied in section … more

FAQs and administrative guidelines on the partial exemption from the wage withholding tax in the framework of R&D

A partial exemption from the wage withholding tax for qualified researchers carrying out research and development activities is provided. In practice, there was a discussion about the conditions to … more

Nicolas de Limbourg

A partial exemption from the wage withholding tax for qualified researchers carrying out research and development activities is provided. In practice, there was a discussion about the conditions to … more

Helping in the fight against tax evasion – draft bill approved

The Council of Ministers has approved a draft bill that enables Belgian Financial Institutions to automatically provide financial account information of foreign clients to the Federal Public Service Finance. … more

olivier-hermand-author

The Council of Ministers has approved a draft bill that enables Belgian Financial Institutions to automatically provide financial account information of foreign clients to the Federal Public Service Finance. … more

Capital gains on shares of investment companies

Capital gains on shares of investment companies: capitalising shares v. distributing shares (SICAV-RDT/DBI-BEVEK) Judgment of the Constitutional Court of 28 May 2015 (ref. 75/2015) At issue The question relating to Articles 192 and 203 of the Income Tax Code of 1992 (ITC 92) raised by the Court of First Instance of Brussels. The question reads […]

olivier-hermand-author

Capital gains on shares of investment companies: capitalising shares v. distributing shares (SICAV-RDT/DBI-BEVEK) Judgment of the Constitutional Court of 28 May 2015 (ref. 75/2015) At issue The question relating to Articles 192 and 203 of the Income Tax Code of 1992 (ITC 92) raised by the Court of First Instance of Brussels. The question reads […]

Online reporting of foreign bank accounts now available

As communicated earlier, all tax residents of Belgium must now report their foreign bank accounts to the Central Contact Point (CCP) with the National Bank of Belgium. Since 26 May 2015, tax residents of Belg … more

Nicolas de Limbourg

As communicated earlier, all tax residents of Belgium must now report their foreign bank accounts to the Central Contact Point (CCP) with the National Bank of Belgium. Since 26 May 2015, tax residents of Belg … more

Revised OECD Discussion Draft on Treaty Abuse published

On Friday, 22 May 2015, the OECD issued a Revised Discussion Draft on BEPS Action 6: Prevention of Treaty Abuse (the RDD). The RDD includes a simplified Limitation on Benefits (LOB) Article f … more

Pascal Janssens

On Friday, 22 May 2015, the OECD issued a Revised Discussion Draft on BEPS Action 6: Prevention of Treaty Abuse (the RDD). The RDD includes a simplified Limitation on Benefits (LOB) Article f … more

Swiss Federal Supreme Court rules in Withholding Tax Case for Danish banks

The Swiss Federal Supreme Court has delivered two judgements regarding Swiss withholding tax refund cases for two Danish banks involved in derivative transactions over the dividend ex-da … more

olivier-hermand-author

The Swiss Federal Supreme Court has delivered two judgements regarding Swiss withholding tax refund cases for two Danish banks involved in derivative transactions over the dividend ex-da … more

Revised OECD Discussion Draft on permanent establishments – PwC Newsflash published

As mentioned in the news alert published on 18 May 2015, the OECD issued a revised discussion draft on preventing the artificial avoidance of permanent establishment (‘PE’) status under Action 7 … more

Pascal Janssens

As mentioned in the news alert published on 18 May 2015, the OECD issued a revised discussion draft on preventing the artificial avoidance of permanent establishment (‘PE’) status under Action 7 … more

Foreign bank accounts must be reported to Belgian National Bank

As from now all tax residents of Belgium must report their foreign bank accounts to the Central Contact Point (CCP) with the National Bank of Belgium. If you (or your dependent children) had a foreign bank ac … more

Nicolas de Limbourg

As from now all tax residents of Belgium must report their foreign bank accounts to the Central Contact Point (CCP) with the National Bank of Belgium. If you (or your dependent children) had a foreign bank ac … more

Revised OECD Discussion Draft on permanent establishments published

On 15 May 2015, the OECD issued a revised discussion draft on preventing the artificial avoidance of permanent establishment (‘PE’) status under Action 7 of the BEPS action plan. The proposals i … more

Pascal Janssens

On 15 May 2015, the OECD issued a revised discussion draft on preventing the artificial avoidance of permanent establishment (‘PE’) status under Action 7 of the BEPS action plan. The proposals i … more

Proposal to increase the maximum amount for non-recurring collective bonuses

On 6 March 2015, the Federal Council of Ministers approved a draft Royal Decree to increase the maximum (gross) amount of non-recurring collective bonuses from EUR 3,100.00 to EUR 3,169.00 as from 1 January … more

Nicolas de Limbourg

On 6 March 2015, the Federal Council of Ministers approved a draft Royal Decree to increase the maximum (gross) amount of non-recurring collective bonuses from EUR 3,100.00 to EUR 3,169.00 as from 1 January … more

Net Asset Tax – annulment of retroactive tax increase for credit institutions

The Net Asset Tax (‘NAT’) rate for assessment year 2013 for credit institutions has been increased from 0.0800% to 0.0965% by the Act of 17 June 2013 and from 0.0965% to 0.1200% by the A … more

olivier-hermand-author

The Net Asset Tax (‘NAT’) rate for assessment year 2013 for credit institutions has been increased from 0.0800% to 0.0965% by the Act of 17 June 2013 and from 0.0965% to 0.1200% by the A … more

A Digital Single Market for Europe – Commission sets out its strategy – Modernizing VAT for cross-border e-commerce

On 6th May 2015, the European Commission announced its Digital Single Market Strategy for Europe. The aim is to remove the barriers which currently hinder EU based companies to grow and to be (more … more

Christoph Zenner

On 6th May 2015, the European Commission announced its Digital Single Market Strategy for Europe. The aim is to remove the barriers which currently hinder EU based companies to grow and to be (more … more

FATCA – Belgian draft Guidance Notes published

The Federal Public Department of Finance has released the Belgian FATCA Guidance Notes in draft format. For more information about the draft, you can read the 138-page text here: <a href="http://finances.b … more

olivier-hermand-author

The Federal Public Department of Finance has released the Belgian FATCA Guidance Notes in draft format. For more information about the draft, you can read the 138-page text here: <a href="http://finances.b … more

Cayman Tax: tax transparency for ‘legal constructions’

Currently, a bill of law is discussed at the level of the Belgian federal government concerning the so-called Cayman Tax. In prin … more

Philippe Vanclooster

Currently, a bill of law is discussed at the level of the Belgian federal government concerning the so-called Cayman Tax. In prin … more

OECD publishes Discussion Draft on cost contribution arrangements

On 29 April 2015, the OECD issued a Discussion Draft on the transfer pricing aspects of cost contribution arrangements (‘CCAs’) under Action 8 of the BEPS action plan. The Draft … more

Patrick Boone

On 29 April 2015, the OECD issued a Discussion Draft on the transfer pricing aspects of cost contribution arrangements (‘CCAs’) under Action 8 of the BEPS action plan. The Draft … more

Revised OECD BEPS timetable

The OECD has published a revised OECD timetable for stakeholders’ input, with the dates when new discussion drafts will be published and public consultations will be held in relation to the 2015 Bas … more

Pascal Janssens

The OECD has published a revised OECD timetable for stakeholders’ input, with the dates when new discussion drafts will be published and public consultations will be held in relation to the 2015 Bas … more

Investment deduction percentages for assessment year 2016 published

On 27 April 2015, the new percentages for investment deduction, applicable to assessment year 2016, were published in the Belgian Official Gazette. The percentages for assessment year 2016 have not … more

Philippe Vanclooster

On 27 April 2015, the new percentages for investment deduction, applicable to assessment year 2016, were published in the Belgian Official Gazette. The percentages for assessment year 2016 have not … more

Belgian tax authorities announce tax audits

The Belgian tax authorities prefer to communicate in an open way on how they make the selection of taxpayers that can be subject to a tax audit. Just like in previous years, the Belgian tax authorities have … more

Philippe Vanclooster

The Belgian tax authorities prefer to communicate in an open way on how they make the selection of taxpayers that can be subject to a tax audit. Just like in previous years, the Belgian tax authorities have … more

When to account for tax law changes (IFRS and US GAAP)

Keeping track of tax law changes around the world has increasingly become a challenge for businesses. Companies are rapidly expanding their geographic footprint at a time when the evolution and dev … more

koen-de-grave-author

Keeping track of tax law changes around the world has increasingly become a challenge for businesses. Companies are rapidly expanding their geographic footprint at a time when the evolution and dev … more

VAT: tax point rules (advance invoices) – transitional VAT regime once more extended and upcoming change in legal framework

As from 1 January 2013, the issuance of an invoice not always triggers the payment of the VAT. Due to the practical implications of this new rule, the Belgian authorities had provided for transiti … more

Christoph Zenner

As from 1 January 2013, the issuance of an invoice not always triggers the payment of the VAT. Due to the practical implications of this new rule, the Belgian authorities had provided for transiti … more

New administrative VAT decision: discretionary portfolio management versus advisory management

The Belgian VAT administration recently published a new administrative decision clarifying the VAT treatment of portfolio discretionary management and advisory management based on the ECJ case Deutsche Bank. Discretionary portfolio management <p … more

Christoph Zenner

The Belgian VAT administration recently published a new administrative decision clarifying the VAT treatment of portfolio discretionary management and advisory management based on the ECJ case Deutsche Bank. Discretionary portfolio management <p … more

VAT: Belgian VAT authorities to comment Belgian impact of CJEU court case Skandia (C-7/13)

The Belgian VAT authorities recently published a new administrative decision on the impact of the CJEU court case Skandia America Corp (C-7/13, 17 September 2014) with regard to Belgian VAT legislation. Follo … more

Christoph Zenner

The Belgian VAT authorities recently published a new administrative decision on the impact of the CJEU court case Skandia America Corp (C-7/13, 17 September 2014) with regard to Belgian VAT legislation. Follo … more

Belgian Court of Cassation: no late payment interest without a VAT debit in the hands of the VAT taxable person

In its decision of 31 October 2014 (Jetaircenter NV vs. the Belgian State), the Court of Cassation ruled that late payment interest cannot be claimed by the Belgian State when the taxable person un … more

Wouter-Villette-2

In its decision of 31 October 2014 (Jetaircenter NV vs. the Belgian State), the Court of Cassation ruled that late payment interest cannot be claimed by the Belgian State when the taxable person un … more

Global Tax Accounting Services Newsletter (January – March 2015)

This release is designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing some technical guidance on challenging tax accounting areas. T … more

koen-de-grave-author

This release is designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing some technical guidance on challenging tax accounting areas. T … more

Creation of certainty on VAT treatment of complex cross border transactions – Cross Border Rulings Project extended until 2018 by EU Commission

The VAT Cross Border Rulings Pilot Project has been set up for taxable persons to obtain advance rulings on the VAT treatment of complex cross border transactions. Cross border rulings (CBRs … more

Christoph Zenner

The VAT Cross Border Rulings Pilot Project has been set up for taxable persons to obtain advance rulings on the VAT treatment of complex cross border transactions. Cross border rulings (CBRs … more

Budgetary control in Belgium: New tax measures announced

On 30 March 2015, the Belgian government announced new Belgian tax measures in the framework of the budgetary control. They concern: Fight against fraud The fight against tax fraud will be pursued. The estima … more

Philippe Vanclooster

On 30 March 2015, the Belgian government announced new Belgian tax measures in the framework of the budgetary control. They concern: Fight against fraud The fight against tax fraud will be pursued. The estima … more

New daily lump sum allowances list as from 1 April 2015

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 busin … more

Nicolas de Limbourg

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 busin … more

EC presents proposal for mandatory automatic exchange of information on cross-border tax rulings within the EU

In a press release of 18 March 2015, the European Commission (“EC”) announced its Tax Transparency Package, including a proposal to broaden the scope of the EU Cou … more

Patrick Boone

In a press release of 18 March 2015, the European Commission (“EC”) announced its Tax Transparency Package, including a proposal to broaden the scope of the EU Cou … more

Belgium-Luxembourg cross-border workers

Belgium-Luxembourg cross-border workers: mutual agreement signed and information regarding evidence to support presence in Luxembourg published Following the announcement made early February, the Belgian and … more

Nicolas de Limbourg

Belgium-Luxembourg cross-border workers: mutual agreement signed and information regarding evidence to support presence in Luxembourg published Following the announcement made early February, the Belgian and … more

Promotional event – VAT deduction for catering costs accepted

The deduction of VAT on catering costs incurred during an event with (existing or potential) clients has been the subject of extensive case law and of many an issue with the Belgian VAT Administrat … more

Wouter-Villette-2

The deduction of VAT on catering costs incurred during an event with (existing or potential) clients has been the subject of extensive case law and of many an issue with the Belgian VAT Administrat … more

Belgium considers introducing mandatory transfer pricing documentation following the outcome of the BEPS Action Plan

The Belgian Minister of Finance, Johan Van Overtveldt, shared some new insights about the government’s ambitions in the area of transfer pricing as part of his reply to a parliamentary question on Wednesd … more

Patrick Boone

The Belgian Minister of Finance, Johan Van Overtveldt, shared some new insights about the government’s ambitions in the area of transfer pricing as part of his reply to a parliamentary question on Wednesd … more

New draft bill on the contribution of financial institutions to State revenue

As part of the Belgian government agreement, it was decided that banks and insurance companies should pay an additional tribute to the State revenue, thanks to an amendment to the notional interest … more

olivier-hermand-author

As part of the Belgian government agreement, it was decided that banks and insurance companies should pay an additional tribute to the State revenue, thanks to an amendment to the notional interest … more

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

The Council of Ministers recently approved two draft Royal Decrees regarding meal vouchers and non-recurring collective bonuses. These Royal Decrees contain the following adjustments: The maximum amount of employer’ contribution for meal vouchers will be increased from 5.91 EUR to 6.91 EUR per voucher. Taking into account a minimum employee’s contribution of 1.09 EUR, the […]

Nicolas de Limbourg

The Council of Ministers recently approved two draft Royal Decrees regarding meal vouchers and non-recurring collective bonuses. These Royal Decrees contain the following adjustments: The maximum amount of employer’ contribution for meal vouchers will be increased from 5.91 EUR to 6.91 EUR per voucher. Taking into account a minimum employee’s contribution of 1.09 EUR, the […]

Advance tax payments – Percentages for tax year 2016

On 27 February 2015, the Belgian government took a decision on the rates for the advance tax payments for tax year 2016. Considering the low market rates, it was decided that the basic rate to be t … more

Philippe Vanclooster

On 27 February 2015, the Belgian government took a decision on the rates for the advance tax payments for tax year 2016. Considering the low market rates, it was decided that the basic rate to be t … more

ECJ: The Court rules against reduced VAT rates for electronic books

On 5 March 2015, the Court of Justice of the European Union (ECJ) gave its decision in the infraction cases against France and Luxembourg on their application of reduced VAT rates on electronic books (C-479/ … more

Christoph Zenner

On 5 March 2015, the Court of Justice of the European Union (ECJ) gave its decision in the infraction cases against France and Luxembourg on their application of reduced VAT rates on electronic books (C-479/ … more

Joint Committee no. 218 will become no. 200

On 1 April 2015, Joint Committee no. 218 will be converted into Joint Committee no. 200. All collective bargaining agreements in force within Joint Committee no. 218 will be transferred to the new j … more

Bart Elias

On 1 April 2015, Joint Committee no. 218 will be converted into Joint Committee no. 200. All collective bargaining agreements in force within Joint Committee no. 218 will be transferred to the new j … more

NETHERLANDS – Preliminary ruling on the 150 km criterion of the 30% regime

On 24 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 is to be upheld. <p dir="LTR … more

Nicolas de Limbourg

On 24 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 is to be upheld. <p dir="LTR … more

Administrative cost charged for certain Belgian residence applications from 2 March 2015

The intention of the Government to apply charges for residence applications in order to cover the administrative costs was already present in the Program Act of 19 December 2014. On 16 February 2015, the Go … more

Bart Elias

The intention of the Government to apply charges for residence applications in order to cover the administrative costs was already present in the Program Act of 19 December 2014. On 16 February 2015, the Go … more

Constitutional Court rules: different tax treatment of capital reduction is not discriminatory

On 19 February 2015, the Belgian Constitutional Court ruled that the tax treatment of income from a capital reduction in the hands of a Belgian company is not discriminatory, compared to the tax rules appli … more

Philippe Vanclooster

On 19 February 2015, the Belgian Constitutional Court ruled that the tax treatment of income from a capital reduction in the hands of a Belgian company is not discriminatory, compared to the tax rules appli … more

New rules regarding the issuance of certificates of residence for Undertakings for Collective Investment

With the new Circular, Circular L.G.-A. n°61 of 12 February 2015,  the Luxembourg Tax Authorities clarify and provide new rules as from February 2015 concerning the issuance of certificat … more

olivier-hermand-author

With the new Circular, Circular L.G.-A. n°61 of 12 February 2015,  the Luxembourg Tax Authorities clarify and provide new rules as from February 2015 concerning the issuance of certificat … more

Customer and Investor Tax Transparency – Updates on Tax Transparency and Exchange of Information

Updates highlighted in this issue IRS Releases Revised Publication on FATCA Data Exchange Service with Testing Sessions now available FATCA IDES Sample Test Packet Form 1042-S instructions have been released Bulgaria approves IGA (signed 5 December 2014) Jersey draft guidance Jersey’s statement on tax transparency Poland will participate in the implementation of FATCA Luxembourg draft […]

olivier-hermand-author

Updates highlighted in this issue IRS Releases Revised Publication on FATCA Data Exchange Service with Testing Sessions now available FATCA IDES Sample Test Packet Form 1042-S instructions have been released Bulgaria approves IGA (signed 5 December 2014) Jersey draft guidance Jersey’s statement on tax transparency Poland will participate in the implementation of FATCA Luxembourg draft […]

Additional wave of tax audits to be expected with respect to withholding tax exemptions

The amount of wage withholding taxes to be withheld by the employer is based on the withholding income tax scales published in a Royal Decree. The Belgian Income Tax Code provides for several exemptions (ov … more

Nicolas de Limbourg

The amount of wage withholding taxes to be withheld by the employer is based on the withholding income tax scales published in a Royal Decree. The Belgian Income Tax Code provides for several exemptions (ov … more

Belgian Fokus Bank claims – Court of Appeal of Antwerp has ruled against Belgian State

In a – recently published – judgment of 3 June 2014, the Court of Appeal of Antwerp ruled against the Belgian State and ordered it to refund the Belgian withholding tax suffered by a Dutch real e … more

Patrice Delacroix

In a – recently published – judgment of 3 June 2014, the Court of Appeal of Antwerp ruled against the Belgian State and ordered it to refund the Belgian withholding tax suffered by a Dutch real e … more

Facilitation for Belgium-Luxembourg cross-border workers

The Belgian and Luxembourg governments had a joint meeting yesterday in Brussels and came to the following agreement with respect to cross-border employment tax situations: Wit … more

Nicolas de Limbourg

The Belgian and Luxembourg governments had a joint meeting yesterday in Brussels and came to the following agreement with respect to cross-border employment tax situations: Wit … more

Constitutional Court annuls the tax on conversion of bearer securities

On 5 February 2015, the Belgian Constitutional Court rendered a judgement that annuls tax on the conversion of bearer securities, due to its incompatibility with EU law, in particular with Directive 2008/7/ … more

Patrice Delacroix

On 5 February 2015, the Belgian Constitutional Court rendered a judgement that annuls tax on the conversion of bearer securities, due to its incompatibility with EU law, in particular with Directive 2008/7/ … more

EU FTT – another statement of intent by EU Finance Ministers

Two weeks ago, in our Newsflash dated 22 January 2015, we discussed the latest developments in respect of the EU FTT since the turn of the year. Following the lack of consensus between the 11 participating Me … more

olivier-hermand-author

Two weeks ago, in our Newsflash dated 22 January 2015, we discussed the latest developments in respect of the EU FTT since the turn of the year. Following the lack of consensus between the 11 participating Me … more

The FASB proposes two Accounting Standard Updates on income taxes

As part of a simplification initiative, the Financial Accounting Standards Board (‘FASB’) issued an exposure draft of two proposed Accounting Standard Updates (‘ASUs’) relating to the accounting for … more

koen-de-grave-author

As part of a simplification initiative, the Financial Accounting Standards Board (‘FASB’) issued an exposure draft of two proposed Accounting Standard Updates (‘ASUs’) relating to the accounting for … more

Belgian tax authorities initiate new wave of transfer pricing audits

The Belgian tax authorities have initiated a new wave of transfer pricing audits, similar to those initiated in 2013 and 2014. Multiple taxpayers have already received or will receive in the next few days an … more

Patrick Boone

The Belgian tax authorities have initiated a new wave of transfer pricing audits, similar to those initiated in 2013 and 2014. Multiple taxpayers have already received or will receive in the next few days an … more

Legislative proposal for reforming the eco-voucher system introduced

Members of the largest Dutch-speaking Federal Government party (N-VA) have proposed to change the current eco voucher system in Belgium. The proposal suggests replacing the paper eco vouchers with a non-tax … more

Nicolas de Limbourg

Members of the largest Dutch-speaking Federal Government party (N-VA) have proposed to change the current eco voucher system in Belgium. The proposal suggests replacing the paper eco vouchers with a non-tax … more

Belgian R&D tax exemption for Young Innovative Companies no illegal state aid Commission says

On 23 January 2015, the European Commission finalised its investigation of the tax incentive for innovative companies which aimed at encouraging R&D activities of new small companies in Belgium under … more

Philippe Vanclooster

On 23 January 2015, the European Commission finalised its investigation of the tax incentive for innovative companies which aimed at encouraging R&D activities of new small companies in Belgium under … more

Fairness tax – Reference for a preliminary ruling to ECJ

The Belgian Constitutional Court (‘BCC’) has referred to the European Court of Justice (‘ECJ’) for a preliminary ruling in respect of the fairness tax. The fairness tax was introduced by the Act of 30 … more

Philippe Vanclooster

The Belgian Constitutional Court (‘BCC’) has referred to the European Court of Justice (‘ECJ’) for a preliminary ruling in respect of the fairness tax. The fairness tax was introduced by the Act of 30 … more

EU PSD – Council adopts anti-abuse clause

In a press release of 27 January 2015, the Council has disclosed its amendments to the EU Parent-Subsidiary Directive (PSD) (2011/96/EU). Objective of the amendments The Council amended the PSD, adding a b … more

Philippe Vanclooster

In a press release of 27 January 2015, the Council has disclosed its amendments to the EU Parent-Subsidiary Directive (PSD) (2011/96/EU). Objective of the amendments The Council amended the PSD, adding a b … more

Net Asset Tax – Constitutional Court annuls retroactive increase of rate

On 22 January 2015, the Belgian Constitutional Court rendered a judgement annulling the retroactive increase of the Net Asset Tax (“NAT”) rate introduced by the Act of 17 June 2013 with … more

olivier-hermand-author

On 22 January 2015, the Belgian Constitutional Court rendered a judgement annulling the retroactive increase of the Net Asset Tax (“NAT”) rate introduced by the Act of 17 June 2013 with … more

Real estate – VAT: ECJ rules on football stadium and fuels debate on VAT qualification of hybrid or more complex real estate structures

On 22 January 2015, the European Court of Justice ruled that – having regard to the facts cited in this (Belgian!) case – the act of making a football stadium available does not quali … more

Wouter-Villette-2

On 22 January 2015, the European Court of Justice ruled that – having regard to the facts cited in this (Belgian!) case – the act of making a football stadium available does not quali … more

IRS issues Final Regulations with respect to foreign financial assets (Form 8938)

The Final rules do not significantly alter previous guidance On December 12, 2014, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations implementing S … more

olivier-hermand-author

The Final rules do not significantly alter previous guidance On December 12, 2014, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations implementing S … more

EU FTT: back from the dead?

EU Financial Transaction Tax (“FTT”) finally implemented? During the last two months of 2014, a number of meetings were held both between the EU-11 and between the EU-11 and other EU Member States, with the aim of reaching consensus on the EU FTT. Despite the commi … more

olivier-hermand-author

EU Financial Transaction Tax (“FTT”) finally implemented? During the last two months of 2014, a number of meetings were held both between the EU-11 and between the EU-11 and other EU Member States, with the aim of reaching consensus on the EU FTT. Despite the commi … more

UK’s ‘Diverted Profits Tax’ proposes a 25% tax rate for taxpayers but leaves open questions

Background On 10 December 2014 HM Revenue & Customs (HMRC) released the diverted profits tax (DPT) provisions within its draft Finance Bill 2015. Upon initial review, the new rules could … more

axel-smits-author

Background On 10 December 2014 HM Revenue & Customs (HMRC) released the diverted profits tax (DPT) provisions within its draft Finance Bill 2015. Upon initial review, the new rules could … more

BEPS Project: Time to take a closer look at treasury and intercompany financing

OECD Base Erosion & Profit Shifting (BEPS) Project: Time to take a closer look at treasury and intercompany financing Just before the New Year’s break, the OECD issued new discussion drafts in the context of the so-called ‘Base Erosion & Profit Shifting’ project as mandated by the G20, better known as &#82 … more

david-ledure

OECD Base Erosion & Profit Shifting (BEPS) Project: Time to take a closer look at treasury and intercompany financing Just before the New Year’s break, the OECD issued new discussion drafts in the context of the so-called ‘Base Erosion & Profit Shifting’ project as mandated by the G20, better known as &#82 … more

Luxembourg adopts new transfer pricing rules and tax ruling processes

On December 19, the Luxembourg Parliament , 2014, enacted new tax measures for corporations and individuals, including amendments to Luxembourg’s transfer pricing legislation and documentation requirem … more

PVC

On December 19, the Luxembourg Parliament , 2014, enacted new tax measures for corporations and individuals, including amendments to Luxembourg’s transfer pricing legislation and documentation requirem … more

Money laundering: EU institutions agree on central registers

On 16 December 2014, the European Parliament (‘EP’) and the EU Council have reached political agreement on the revision of the EU AntiMoney Laundering Directive (‘AMLD’). According to the revised dra … more

Philippe Vanclooster

On 16 December 2014, the European Parliament (‘EP’) and the EU Council have reached political agreement on the revision of the EU AntiMoney Laundering Directive (‘AMLD’). According to the revised dra … more

Benefit in kind – Private use of a company car: Updated formula for 2015

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 dated 1 … more

Nicolas de Limbourg

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 dated 1 … more

Global Tax Accounting Services Newsletter (October-December 2014)

This release provides an update on a variety of accounting and reporting developments, including: an update on income tax accounting topics added to the Financial Accounting Standards Board’s agenda recent International Financial Reporting Standards Interpretation Committee’s (IFRS IC) guidance on some tax-related matters state aid developments enforcement priorities in relation to 2014 IFRS financial statements recently released […]

koen-de-grave-author

This release provides an update on a variety of accounting and reporting developments, including: an update on income tax accounting topics added to the Financial Accounting Standards Board’s agenda recent International Financial Reporting Standards Interpretation Committee’s (IFRS IC) guidance on some tax-related matters state aid developments enforcement priorities in relation to 2014 IFRS financial statements recently released […]

An extension until 30 June 2015 has been granted for reporting direct pension promise contracts to DB2P

As an employer/a company, you are liable to report your internal individual pension promises into the database DB2P, which is managed by Sigedis. This “declaration” must be made online … more

Christiaan Moeskops pwc_28

As an employer/a company, you are liable to report your internal individual pension promises into the database DB2P, which is managed by Sigedis. This “declaration” must be made online … more

Wage withholding tax scales as applicable for income year 2015

The Royal Decree of 10 December 2014 containing the wage withholding tax scales for income year 2015 was published in the Belgian Official Gazette of 16 December 2014. These updated withholding tax scales are … more

Nicolas de Limbourg

The Royal Decree of 10 December 2014 containing the wage withholding tax scales for income year 2015 was published in the Belgian Official Gazette of 16 December 2014. These updated withholding tax scales are … more

OECD webcast of 15 December 2014: Impact on intercompany financing

Today, the OECD broadcasted a webcast on the progress of its BEPS Action Plan. The expectations of this webcast were very high as the OECD had previously announced it would publish relevant Discussion Draf … more

david-ledure

Today, the OECD broadcasted a webcast on the progress of its BEPS Action Plan. The expectations of this webcast were very high as the OECD had previously announced it would publish relevant Discussion Draf … more

UK states that OECD agrees on substantial activity level required to benefit from preferential IP regimes

The Governments of Germany and the United Kingdom (UK) have, on 11 November 2014, shown their commitment to ensuring that the G20/OECD Base Erosion and Profit Shifting (BEPS) pr … more

Philippe Vanclooster

The Governments of Germany and the United Kingdom (UK) have, on 11 November 2014, shown their commitment to ensuring that the G20/OECD Base Erosion and Profit Shifting (BEPS) pr … more

The end of the (financial) year is near: everything under control?

For most companies, December is the last month of their financial year, which makes it the ideal time to reflect whether or not the company is in control of its tax and accounting obligations. Things that cro … more

Philippe Vanclooster

For most companies, December is the last month of their financial year, which makes it the ideal time to reflect whether or not the company is in control of its tax and accounting obligations. Things that cro … more

VAT: New VAT regime for incorporated company directors and liquidators postponed till 1 January 2016

Further to our previous alert on the new VAT regime for incorporated company directors and liquidators (click <a href="https://news.pwc.be/vat-incorporated-company-directors-liquidators-subject-nor … more

Wouter-Villette-2

Further to our previous alert on the new VAT regime for incorporated company directors and liquidators (click <a href="https://news.pwc.be/vat-incorporated-company-directors-liquidators-subject-nor … more

Proposed legislation for Italian Patent Box regime

In Italy the bill for the 2015 Stability Law will introduce a “Patent Box” regime for companies performing R&D activities, either directly or in cooperation with universities. Both Italian and forei … more

Philippe Vanclooster

In Italy the bill for the 2015 Stability Law will introduce a “Patent Box” regime for companies performing R&D activities, either directly or in cooperation with universities. Both Italian and forei … more

End of the Luxembourg withholding tax system in the frame of the EU Savings Directive

The Luxembourg parliament voted the draft Law n°6668 enacting the automatic exchange of information for interest payments within the EU as from 1 January 2015, in the frame of the EU Savings Directive (“t … more

olivier-hermand-author

The Luxembourg parliament voted the draft Law n°6668 enacting the automatic exchange of information for interest payments within the EU as from 1 January 2015, in the frame of the EU Savings Directive (“t … more

ESMA issues new enforcement priorities for 2014

The European Securities and Markets Authority (the ESMA) has published its European Common Enforcement Priorities (the Priorities) for 2014. These Priorities identify topics that the ESMA, together with Eur … more

koen-de-grave-author

The European Securities and Markets Authority (the ESMA) has published its European Common Enforcement Priorities (the Priorities) for 2014. These Priorities identify topics that the ESMA, together with Eur … more

VAT : incorporated company directors and liquidators subject to normal VAT rules

Services rendered by incorporated company directors and liquidators will be subject to VAT as from 1 January 2015. This stems from the fact that the former tolerance to opt for non-taxation will be … more

Wouter-Villette-2

Services rendered by incorporated company directors and liquidators will be subject to VAT as from 1 January 2015. This stems from the fact that the former tolerance to opt for non-taxation will be … more

New FSMA guidelines on the approval process for independent financial planners

On 4 November 2014, the Financial Services and Markets Authority (‘FSMA’) published a Memorandum dated 1st November 2014 on its website on the access to the legal status of independent financi … more

olivier-hermand-author

On 4 November 2014, the Financial Services and Markets Authority (‘FSMA’) published a Memorandum dated 1st November 2014 on its website on the access to the legal status of independent financi … more

Belgian reporting obligation for payments to tax havens

Belgian requirements for payments to ‘tax havens’ As from 1 January 2010, companies subject to Belgian corporate income tax or Belgian non-resident corporate income tax are obliged to declare direct or indirect payments exceeding E … more

PVC

Belgian requirements for payments to ‘tax havens’ As from 1 January 2010, companies subject to Belgian corporate income tax or Belgian non-resident corporate income tax are obliged to declare direct or indirect payments exceeding E … more

OECD publishes PE discussion draft (artificial avoidance)

The OECD has published its discussion draft on the Preventing of Artificial Avoidance of permanent establishment (PE) Status. This publication follows the BEPS (Base Erosion and Profit Shifting) timeline. A f … more

Isabel Verlinden

The OECD has published its discussion draft on the Preventing of Artificial Avoidance of permanent establishment (PE) Status. This publication follows the BEPS (Base Erosion and Profit Shifting) timeline. A f … more