Legal challenge to the EU FTT – what happens now?
On Thursday April 18, the UK launched a legal challenge against the EU Financial Transaction Tax (“FTT”). The UK has now received support for its challenge from Luxembourg, which publicly supported the UK’s position on Monday. In this Newsalert we set out the background to this challenge, its implications for the EU FTT and what
VAT on Advance Invoices
Further to a recent answer by the Minister of Finance, Mr. Koen Geens, to a parliamentary question raised by Miss Veerle Wouters, published on 24 of April 2013, the Minister has stated that its administration will soon be publishing the final rules on when Belgian VAT will fall due on, and how companies in Belgium
IRS releases draft FATCA registration forms and additional information on FFI lists
The Internal Revenue Service (IRS) released draft Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration, for public review and comment on 5 April 2013. No accompanying instructions were included. Form 8957, when issued in final form, may be used by foreign financial institutions (FFIs) to register for FATCA purposes. In the IRS release of
Benefit in kind – Private use of company cars: Modified 2013 reference emission for petrol cars
A Royal Decree dated 3 April 2013 has changed the reference CO2 emission for petrol cars that is to be applied to determine the taxable benefit in kind for the private use of a company car by company directors and employees. For income year 2013, this reference CO2 emission for petrol driven cars is now
Budget Control 2013 – New Tax Measures announced
On March 29, 2013, the government has reached an agreement in the framework of the Budget Control 2013. Several new tax measures are announced in order to “award the loyalty of investors”, to “encourage the contribution to the capital of the companies” and to “increase their solvability towards the banks”. Please note that neither final
Announced increase of registration duties on long lease rights and building rights
On 29 March 2013, the government members have reached an agreement in the framework of the Budgetary Control 2013. Increase of registration duties One of the measures impacting the real estate sector is the increase of the registration duties from 0.2% to 2% on the granting of long lease rights and buildings rights (0.5% for
Belgian Budget Control 2013 – new measures
After a new and challenging budget negotiation process, the Federal Government has recently reached an agreement on the federal budget plan for 2013. In this respect, amongst others the following two fiscal measures were announced. Firstly, the Federal Government has decided to apply a uniform (withholding) tax rate to liquidation bonuses as from 1 October
Global tax accounting April – June 2013
Accounting- and reporting-related updates Revised exposure draft on leases IFRIC 21 Levies Tax transparency and country-by-country reporting FASB ratifies consensus on netting unrecognised tax benefits against loss or other tax carryforward assets Recent and upcoming major tax law changes and the tax accounting implications Some tax rate changes Other important considerations in tax law changes