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-taxable cash allowance (‘net bonus’). The conditions for benefitting from the beneficial tax and social security treatment would remain unchanged. Recently, a similar proposal suggested changes
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 the EU state aid rules. According to the Commission, this tax system complies with the EU state aid rules and can thus be maintained. Note
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 July 2013 and is applicable as of assessment year 2014 (financial years ending 31 December 2013 up to and including 30
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 binding anti-abuse clause to prevent tax avoidance and aggressive tax planning by corporate groups. The aim is to stop the PSD from being misused for tax avoidance and to
Possible reform of the meal voucher system
Recently, the three Dutch-speaking Federal Government parties (CD&V, N-VA and Open VLD) have proposed changing the current meal voucher system in Belgium. The proposal suggests replacing the (paper and electronic) meal vouchers with a non-taxable cash allowance (meal allowance). The conditions for benefitting from the favourable tax and social security treatment would remain unchanged. In the
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 respect to assessment year 2013. This Act had increased the NAT rate from 0.0800% to 0.0965% as from 1 January 2013, as a result
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 qualify as letting of immovable property. The fundamental characteristic of the concept of ‘letting of immovable property’ lies in conferring upon the other party
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 Section 6038D, which requires individuals to report interests in specified foreign financial assets (SFFAs) using Form 8938, Statement of Foreign Specified Assets when filing their
