Belgian Law not EU compliant in relation to Downward PE adjustment to the Notional Interest Deduction basis
Under the notional interest deduction (hereafter “NID”) regime, Belgium introduced a sui generis corporate tax deduction, i.e. Belgian corporate income taxpayers are for tax purposes allowed to claim a NID reflecting the economic cost of the use of capital, equal to the cost of long-term, risk-free financing. In practice, the NID is equal to the
Accumulation of a statutory pension and a professional activity
On 1 July 2013, the program law of 28 June containing various tax and financial measures was published in the Official Gazette. This program law includes a change in the rules on accumulation of a statutory pension with own professional income (i.e. earned income). As in previous years, accumulation of an old-age pension or a
Regulation (EC) no 883/2004 has become applicable to Croatia
Since 1 July 2013, Croatia is a member of the European Union. Accordingly, the provisions of Regulation (EC) no 883/2004 of 29 April 2004 on the coordination of social security systems have become applicable to Croatia. In addition, Regulations (EC) no 987/2009 (application regulation), no 1231/2010 (extension to third country nationals) and no 465/2012 (amendments)
OECD project on intangibles: Revised Discussion Draft released
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 between
New budget measures following agreement of 30 June 2013
On 30 June 2013, the Belgian government has reached an agreement on the budget 2013-2014. The most important new tax measures that are announced in this respect are as follows: “Fairness tax” A “fairness tax” will be introduced for companies not paying any income taxes (due to tax deductions) while they distribute dividends. The rate would be
VAT Flash: Political agreement – Ecofin Council – B2C
We are happy to announce that the Ecofin Council (“ECOFIN”) reached political agreement on the proposal for a VAT Implementing Regulation as regards the place of supply of services (including B2C 2015) in a meeting in Luxembourg last Friday 21 June. Furthermore, a package of two anti-VAT fraud measures was adopted without discussion: a Quick