Update: Brexit extension and new UK elections
The European Union agreed on a ‘flextension’ of the Brexit deadline to 31 January 2020 with the option for the UK to leave the EU earlier if the (re)negotiated Withdrawal Agreement is approved by both the UK Parliament and the European Parliament before that date. Specific terms were, however, specified by the EU27 as regards
Brexit Update – No Brexit deal Vote: MP’s force PM Johnson to seek further extension
The UK Parliament was set to vote on PM Johnson’s exit deal today in its extraordinary Saturday sitting. The Letwin amendment (voted by 322 to 306) however prevented the vote on the Brexit deal. The amendment as introduced by Mr Oliver Letwin says the House of Commons would “withhold support” from Johnson’s plan until all
Constitutional Court Annuls the Tax on Securities Accounts
By law of 7 February 2018, the legislator introduced a tax on securities accounts (“taks op de effectenrekeningen”/“taxe sur les comptes-titres”). Many petitions to annul this law have been introduced before the Constitutional Court. In its judgement dd. 17 October 2019, the Constitutional Court annulled the law (and thus the tax), but decided to maintain
Charitable bequests and donations: an update
The new Flemish Government has announced some important changes in the field of bequests and donations. 1. Duo bequest (duo-legaat / duo-legs) In case of a so called ‘duo bequest’, (part of) the estate is left to a charity organisation under the condition to pay out a certain amount of the bequest to a
OECD publishes proposal to rewrite international profit allocation rules
The proposal seeks to allocate a greater share of taxing rights to the countries where consumers/users are located – regardless of a business’ physical presence there.
Quick Fixes – Intra-Community Supplies – VAT number of your client becomes a material condition
By 1 January 2020, the EU Member States have the obligation to introduce the so-called “quick fixes” in their national VAT legislation. These “quick fixes” are 4 concrete measures that are aimed at establishing a uniform VAT treatment for certain cross-border EU supply of goods transactions. From a Belgian perspective, the draft law has recently
Belgian Tax on Savings Income (art. 19bis BITC): Important Practice Note
Last week, the Belgian tax authorities published a practice note commenting on the scope of application of the Belgian Tax on Savings Income (or “Reynders Tax”). Capital Gains Tax. As a recall, the Belgian Tax on Savings Income (“BTSI”), also referred to as the Reynders Tax, (the main provision of which being “art. 19bis” of the Belgian Income Tax
New Flemish Government – Coalition Agreement (2019-2024): Anticipated tax changes for individual persons
On 30 September 2019, the new Flemish coalition agreement was finally announced (read the full text here). Below, you can find an overview of the most important anticipated changes from a personal income tax point of view. For an overview of the gift and inheritance tax measures, we refer to our newsflash of 3 October