Wage withholding tax scales as applicable for income year 2016
The Royal Decree of 16 December 2015 containing the Belgian wage withholding tax scales for income year 2016 was published in the Belgian Official Gazette of 21 December 2015. These annually updated wage withholding tax scales are applicable (for payroll purposes) to income that will be paid or attributed to individual resident or non-resident taxpayers
Adjustment with respect to the tax reduction for pension savings
A bill of law containing various provisions was recently submitted to Belgian Parliament. Amongst other measures this draft legislation contains a provision on the tax reduction for pension savings. In 2014 the European Court of Justice ruled that, as the Belgian tax reduction for pension savings is only possible for payments made to Belgian institutions and funds,
Global Tax Accounting Services Newsletter (October-December 2015)
The topics featured in this edition are among others: accounting and reporting updates recent and upcoming major tax law changes key tax accounting areas for year-end
Benefit in kind – Private use of a company car: Updated formula for 2016
The new reference CO2 emission for calculating the taxable benefit in kind for the private use of a company car in the hands of company directors and employees has been published in the Royal Decree of 9 December 2015. For income year 2016, the following CO2 emission will be applied to the above taxable benefit in
Belgium to introduce a new capital gains tax
In the framework of the ‘Tax Shift’ agreement, the Belgian government announced a new speculative tax (or capital gains tax, below ‘CGT’). The bill of law on measures for strengthening job creation and purchasing power dated 10 December 2015 provides further details in this respect. Speculative tax/capital gains tax In a nutshell, here are the
Belgian Minister of Finance sheds light on implementation of BEPS related measures
The Belgian Minister of Finance has just shared new insights on how Belgium will be addressing the outcome of the OECD/G20 project in relation to Base Erosion and Profit Shifting (“BEPS”). He opted to do so via the “Plan to combat tax fraud”. The title of his policy note is misleading since the document covers,
NBB publishes circular introducing governance manual for banking sector
Since the introduction of the new Banking Act[1], various governance rules have been updated and further detailed. The National Bank of Belgium published on 7 December 2015 a circular that introduces a governance manual for the banking sector. This manual aims to combine and clarify all governance policy documents applicable to credit institutions. The financial crisis drew
Have you considered the VAT impact when dealing with Transactions?
In today’s tax world, considering VAT in a timely manner is key to limiting the negative impact it can have on your transaction budget. VAT on transactions can lead to either VAT savings or a VAT burden depending on various factors. Recent developments in EUCJ case law that allows VAT deduction for active management holding
