Helping in the fight against tax evasion – draft bill approved
The Council of Ministers has approved a draft bill that enables Belgian Financial Institutions to automatically provide financial account information of foreign clients to the Federal Public Service Finance. The latter will act as an intermediary and will, in this regard, exchange this information across borders with the competent authorities where foreign clients are residents.
Capital gains on shares of investment companies
Capital gains on shares of investment companies: capitalising shares v. distributing shares (SICAV-RDT/DBI-BEVEK) Judgment of the Constitutional Court of 28 May 2015 (ref. 75/2015) At issue The question relating to Articles 192 and 203 of the Income Tax Code of 1992 (ITC 92) raised by the Court of First Instance of Brussels. The question reads
Swiss Federal Supreme Court rules in Withholding Tax Case for Danish banks
The Swiss Federal Supreme Court has delivered two judgements regarding Swiss withholding tax refund cases for two Danish banks involved in derivative transactions over the dividend ex-date with Swiss equities. In both cases, the Swiss Federal Supreme Court ruled in favour of the Federal Tax Authority (FTA) and overruled the previous decisions taken by the
Net Asset Tax – annulment of retroactive tax increase for credit institutions
The Net Asset Tax (‘NAT’) rate for assessment year 2013 for credit institutions has been increased from 0.0800% to 0.0965% by the Act of 17 June 2013 and from 0.0965% to 0.1200% by the Act of 30 June 2013. The increased NAT rate applied to already filled NAT returns, resulting in taxpayers being forced to
FATCA – Belgian draft Guidance Notes published
The Federal Public Department of Finance has released the Belgian FATCA Guidance Notes in draft format. For more information about the draft, you can read the 138-page text here: http://finances.belgium.be/fr/binaries/2015-04-belgian-guidance-notes-draft_tcm307-266568.pdf Additional information about the implementation of FATCA in Belgium can be found on the Federal Public Department of Finance’s website: http://finances.belgium.be/fr/E-services/fatca/. Belgian contacts: Stéphane Martin
New draft bill on the contribution of financial institutions to State revenue
As part of the Belgian government agreement, it was decided that banks and insurance companies should pay an additional tribute to the State revenue, thanks to an amendment to the notional interest deduction regime (NID), taking into account Basel III and Solvency II agreements. Following a proposal by the Finance Minister Johan van Overtveldt, the
New rules regarding the issuance of certificates of residence for Undertakings for Collective Investment
With the new Circular, Circular L.G.-A. n°61 of 12 February 2015, the Luxembourg Tax Authorities clarify and provide new rules as from February 2015 concerning the issuance of certificates of residence for Luxembourg Undertakings for Collective Investment (UCIs). The new administrative clarifications are expected to have a positive effect on the Luxembourg UCI market, strengthening Luxembourg’s
Customer and Investor Tax Transparency – Updates on Tax Transparency and Exchange of Information
Updates highlighted in this issue IRS Releases Revised Publication on FATCA Data Exchange Service with Testing Sessions now available FATCA IDES Sample Test Packet Form 1042-S instructions have been released Bulgaria approves IGA (signed 5 December 2014) Jersey draft guidance Jersey’s statement on tax transparency Poland will participate in the implementation of FATCA Luxembourg draft
