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
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 before 30 June 2015 (the initial deadline was 31 December 2014). Reporting these pension promises late or incorrectly puts their tax deductibility at risk. This concerns
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 applicable to income that is paid or attributed to resident and non-resident taxpayers of Belgium as from 1 January 2015. In
Late filing of the annual accounts: firmer sanctions expected
Please be informed that the Government has announced strengthened sanctions in case of the late filing of annual accounts. In its policy document of 2 December 2014, aiming to combat tax fraud, the Government has announced its intention to take firmer action against companies that fail to file their annual accounts within the statutory time
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 Drafts after the webcast, which potentially could have a serious impact on intercompany financing. While the OECD gave insights into some items, such as interest deduction
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) project is successfully concluded by the end of 2015. As such, they have issued a joint statement on 11 November, so as to take forward the pending
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 cross our mind are, for example: a final possibility to make an advance tax payment in order to avoid
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 link), the Minister of Finance has decided to postpone the date of application of its VAT Decision No. ET 125.180 (click link for Dutch / French) till 1 January 2016. This new effective date will be subject to