EU Commission released new VAT Gap Study – Belgian Gap in 2013 estimated at 10% or EUR 3.2 billion
On 4 September 2015, the European Commission released the latest figures on the so-called “VAT Gap”. The VAT Gap is an indicator of the effectiveness of VAT enforcement and compliance measures, as it provides an estimate of revenue loss due to tax fraud, tax evasion and avoidance, bankruptcies, financial insolvencies as well as miscalculations. Based
Reporting obligation for payments to tax havens: impact for payments to Cyprus and Luxembourg
Companies subject to Belgian corporate income tax (residents or non-residents) have to declare direct or indirect payments exceeding EUR 100,000 to recipients established in ‘tax havens’. For these purposes, a tax haven is defined as a country: with no or low taxation (i.e. the nominal standard tax rate is less than 10%); that, for the
Cayman tax enacted – List of legal entities published
With the Program Law of 10 August 2015, the so-called “Cayman tax” has been implemented. Under this regime, certain legal constructions are treated as transparent for Belgian tax purposes, implying that income generated by them is taxable or their founders or beneficiaries. The Cayman tax is in principle applicable to income that is obtained, attributed or paid