Belgian VAT changes – Pharma sector
1. Fees paid to ethical committees: same VAT treatment as clinical trials Research work (including but not limited to clinical trials) performed by Belgian doctors and / or hospitals for consideration for Belgian pharmaceutical companies is, as a general rule, subject to Belgian VAT unless the doctor/hospital can apply the VAT exemption for “small businesses”.
PwC’s comments on the Revised Discussion Draft on Transfer Pricing Aspects of Intangibles
Download In July 2013, the OECD released its Revised Discussion Draft on the Transfer Pricing Aspects of Intangibles. PwC immediately informed its network of what had changed compared to the prior Discussion Draft. Now we are also providing you with the more detailed comments we sent the OECD regarding their Revised Discussion Draft. The following
US government announces six-month extension to FATCA effective dates
The Internal Revenue Service (IRS) and the US Department of the Treasury (Treasury) issued Notice 2013-43 (Notice) last Friday announcing revised timelines for implementing various provisions under the Foreign Account Tax Compliance Act (FATCA). The Notice also provides additional guidance concerning financial institutions in jurisdictions that have signed an intergovernmental agreement (IGA) but have not yet enacted
New rules on earning income after retirement enacted
The previously announced government measures to encourage people to work longer have recently been signed into law. The new regime relaxes the conditions on working while claiming a pension and also makes important changes to the existing system of pension bonuses. 1. Restrictions on earning income for pensioners over 65 who’ve worked for 42 years
New budget measures: Bill of 8 July 2013
Tax treatment of Belgian regulated investment companies The tax regime of Belgian regulated investment companies would be amended: The withholding tax levied on Belgian source dividends paid to Belgian regulated investment companies would, as a rule, constitute the final tax in their hands (no credit/refund would be possible anymore). However, by dispensation to this general
EU FTT – Will the Commission’s proposal survive?
There continues to be much press coverage around the EU Financial Transaction Tax (“EU FTT”). There has been speculation that the draft Directive issued earlier this year will be considerably diluted and that the eleven countries within the Enhanced Cooperation Procedure are struggling to reach consensus. Notably, there was no mention of the EU FTT
OECD project on intangibles: Revised Discussion Draft released
Download The OECD’s Revised Discussion Draft contains several important changes. These were based on the comments received on the prior Discussion Draft. The majority of the document provides additional guidance on how to correctly allocate ‘return related to an intangible’ (also described as: ‘intangible related return’). The Revised Discussion Draft states that although contractual relationships
OECD’s Action Plan published on Base Erosion and Profit Shifting (BEPS)
Download The publication of the Action Plan and the items listed therein represent a milestone in the ongoing debate on how policy makers and governments will deal with base erosion and profit shifting in the near to long-term future. The desired outcome of the OECD’s BEPS Project is to provide balanced and effective strategies for