News articles written by Olivier Hermand

Administrative circular on spin-off transactions

19 May 2020

On April 20th, 2020, the Belgian Tax Administration issued the  circular 2020/C/55 further detailing the tax treatment of spin-off transactions according to article 264, first paragraph, 4° of the BITC 92. Context As a reminder, the so-called spin-off transactions are not demerger transactions nor transactions assimilated to a demerger, as defined by article 2, §1,

New measures for open-ended public undertakings for collective investment against the consequences of the COVID-19 epidemic

29 April 2020

Summary The Royal Decree of 22 April 2020 aims to protect open-ended public undertakings for collective investment (“UCIs”) against the consequences of the COVID-19 epidemic and in particular protect the liquidity of such UCIs. UCIs that are confronted with redemption requests of their units have to sell, often at unfavourable prices, positions in their portfolios

Constitutional Court Annuls the Tax on Securities Accounts

19 October 2019

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

Belgian Tax on Savings Income (art. 19bis BITC): Important Practice Note

4 October 2019

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

First step in AIFMD review has been undertaken by European Commission

17 January 2019

On 10 January 2019, the European Commission published a Report on the operation of the alternative investment fund managers Directive (AIFMD). This report is a first step in the AIFMD review process and will ultimately lead to the revision of the rules. While emphasizing that AIFMD has globally been a key point in the development of

Belgian Tax on Securities Accounts: a Practice Note provides further guidance

29 May 2018

The Belgian tax administration has issued on 25 May 2018 a (welcomed) Practice Note providing further guidance regarding the Belgian Tax on Securities Accounts (BTSA). For recall, the BTSA applies to (foreign) individuals holding one or several (Belgian) securities accounts which totalized (on average) more than 500.000 euros during the reference period. In such a