Revised OECD BEPS timetable
The OECD has published a revised OECD timetable for stakeholders’ input, with the dates when new discussion drafts will be published and public consultations will be held in relation to the 2015 Base Erosion and Profit Shifting (BEPS) outputs. The revised OECD timetable can be consulted here. During March and April 2015, the OECD released
Investment deduction percentages for assessment year 2016 published
On 27 April 2015, the new percentages for investment deduction, applicable to assessment year 2016, were published in the Belgian Official Gazette. The percentages for assessment year 2016 have not changed compared to assessment year 2015. Here is a summary: 1. One-shot investment deduction Private individuals: 13.5% for investments in patents and assets that aim to promote R&D
Belgian tax authorities announce tax audits
The Belgian tax authorities prefer to communicate in an open way on how they make the selection of taxpayers that can be subject to a tax audit. Just like in previous years, the Belgian tax authorities have in this framework announced their focus when making selecting taxpayers for 2015 that will be subject to a
When to account for tax law changes (IFRS and US GAAP)
Keeping track of tax law changes around the world has increasingly become a challenge for businesses. Companies are rapidly expanding their geographic footprint at a time when the evolution and developments in jurisdictional tax laws are undergoing nearly constant change. Naturally, changes in tax law have an impact on tax planning, tax return preparation and,
VAT: tax point rules (advance invoices) – transitional VAT regime once more extended and upcoming change in legal framework
As from 1 January 2013, the issuance of an invoice not always triggers the payment of the VAT. Due to the practical implications of this new rule, the Belgian authorities had provided for transitional measures that were applicable from 1 January 2013 until 31 December 2014. On 7 October 2014, the Belgian VAT authorities published an
New administrative VAT decision: discretionary portfolio management versus advisory management
The Belgian VAT administration recently published a new administrative decision clarifying the VAT treatment of portfolio discretionary management and advisory management based on the ECJ case Deutsche Bank. Discretionary portfolio management Discretionary portfolio management consisting of (1) a service of analysing and monitoring the assets of client investors and (2) a service of actually purchasing and
VAT: Belgian VAT authorities to comment Belgian impact of CJEU court case Skandia (C-7/13)
The Belgian VAT authorities recently published a new administrative decision on the impact of the CJEU court case Skandia America Corp (C-7/13, 17 September 2014) with regard to Belgian VAT legislation. Following the position of the CJEU, all head office/branch transactions are subject to VAT if the branch or the head office is part of
Belgian Court of Cassation: no late payment interest without a VAT debit in the hands of the VAT taxable person
In its decision of 31 October 2014 (Jetaircenter NV vs. the Belgian State), the Court of Cassation ruled that late payment interest cannot be claimed by the Belgian State when the taxable person under review has no VAT debit. Under the Belgian VAT legislation, late payment interest at 9.6% is legally due by the taxable
