The latest developments on the transparency requirements in Capital Requirements Directive IV
This Newsflash reflects our current understanding of the issues at the time of writing. We expect our understanding to develop over time, and the Newsflash will be updated accordingly. Recent event – Plenary sitting of the European Parliament – April 2013 On 16 April 2013 the European Parliament voted to adopt a directive requiring detailed
Legal challenge to the EU FTT – what happens now?
On Thursday April 18, the UK launched a legal challenge against the EU Financial Transaction Tax (“FTT”). The UK has now received support for its challenge from Luxembourg, which publicly supported the UK’s position on Monday. In this Newsalert we set out the background to this challenge, its implications for the EU FTT and what
IRS releases draft FATCA registration forms and additional information on FFI lists
The Internal Revenue Service (IRS) released draft Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration, for public review and comment on 5 April 2013. No accompanying instructions were included. Form 8957, when issued in final form, may be used by foreign financial institutions (FFIs) to register for FATCA purposes. In the IRS release of
Budget Control 2013 – New Tax Measures announced
On March 29, 2013, the government has reached an agreement in the framework of the Budget Control 2013. Several new tax measures are announced in order to “award the loyalty of investors”, to “encourage the contribution to the capital of the companies” and to “increase their solvability towards the banks”. Please note that neither final
Announced increase of registration duties on long lease rights and building rights
On 29 March 2013, the government members have reached an agreement in the framework of the Budgetary Control 2013. Increase of registration duties One of the measures impacting the real estate sector is the increase of the registration duties from 0.2% to 2% on the granting of long lease rights and buildings rights (0.5% for
Belgium: Discrimination of foreign investment companies – A first practice note published
The Belgian tax administration has recently published a practice note dealing with the consequences of the CJEU’s decision of 25 October 2012 Although restrictive on many aspects, this practice note nevertheless constitutes a positive sign and addresses various topics of importance for foreign investment companies having filed withholding tax claims in Belgium: Priority Handling: First
Impact of EU Financial Transaction Tax on the asset management industry
On 14 February 2013, the European Commission issued a new draft Council Directive to implement an EU financial transaction tax (FTT) in 11 countries. We previously highlighted that the Directive has a very broad scope and will impact both EU and non-EU Financial Institutions. The costs of the tax (coupled with the major operational changes
TRACE Implementation Package announced by the OECD
After years of technical discussions, the Committee on Fiscal Affairs of the OECD approved the TRACE Implementation Package (“TRACE”) at its meeting of 23 January and presented it at the OECD conference on TRACE/FATCA in Paris on 12 February 2013. TRACE, which stands for “Treaty Relief and Compliance Enhancement”, is a regime to allow for
