New budget measures following agreement of 30 June 2013
On 30 June 2013, the Belgian government has reached an agreement on the budget 2013-2014. The most important new tax measures that are announced in this respect are as follows: “Fairness tax” A “fairness tax” will be introduced for companies not paying any income taxes (due to tax deductions) while they distribute dividends. The rate would be
Proposed Bank Levies – Summary table
Following the financial crisis and the subsequent imbalances for financial institutions and even national economies, legislators all over the world have introduced various measures concerning the regulation and supervision of financial institutions and financial markets. In this context, some countries have introduced bank levies, some of which have been given the form of a tax
European Commission seeks to expand automatic information exchange between EU Member States
In brief European Union (EU) Tax Commissioner Algirdas Šemeta on June 13, 2013 presented a Proposal for a Council Directive intended to combat tax evasion by expanding the scope of the automatic exchange of information (“AEOI”) between EU Member States on “dividends, capital gains, all other financial income and account balances” and is planned to
UK Releases Details Outlining Implementation of FATCA
On 31 May 2013, HM Treasury and HMRC released the International Tax Compliance (United States of America) Regulations 2013 (“UK Regulations”) to implement the Agreement to Improve International Tax Compliance and to Implement FATCA and simultaneously released updated Guidance Notes. The UK Regulations and Guidance Notes provide more clarity in respect of the legislation “Draft
Draft Program Law of 3 June 2013 –Tax Measures following Budget Control
As expected – further to the Budget Control of March 2013 – a draft Program Law has been filed this week with the Belgian Parliament. The draft bill contains several important tax measures, especially regarding the withholding tax on dividends and liquidation bonus, as well as regarding the registration duties levied upon constitution of long-lease
BMF announces the release of the German Intergovernmental Agreement for implementing FATCA
On Friday, 31 May 2013, the German Ministry of Finance, Bundesfinanzministerium (BMF), announced the release of the FATCA Intergovernmental Agreement between the Federal Republic of Germany and the United States (German-U.S. IGA) for implementing the broad ranging provisions of the Foreign Account Tax Compliance Act (“FATCA”). The BMF had issued a news release on 21
Savings Deposits: Belgium Sentenced by the Court of Justice
Interest arising from a regulated savings deposit up to an amount of EUR 1.250 per annum (read: EUR 1.880 for tax year 2014) is not considered as movable income subject to Belgian taxation provided amongst other conditions, that the interest is the result of a savings deposit held with a financial institution established in Belgium (Art.
New Withholding Tax Exemption on Dividends paid by Belgian Institutional Investment Companies to Non Resident Investors
Existing Exemption: Public Investment Companies. As a recall, Art. 106, §7 of the Royal decree implementing the Belgian income tax code provides for a general withholding tax exemption on dividends distributed to non-resident investors by Belgian public investment companies (including real estate investment companies since the Royal decree of 27 December 2012), insofar those dividends
