Luxembourg adopts new transfer pricing rules and tax ruling processes
On December 19, the Luxembourg Parliament , 2014, enacted new tax measures for corporations and individuals, including amendments to Luxembourg’s transfer pricing legislation and documentation requirements. Multinationals should consider the measures, which are effective as of 1 January 2015, as they affect their existing and future Luxembourg operations. Guidance regarding certain practical aspects of some measures
Money laundering: EU institutions agree on central registers
On 16 December 2014, the European Parliament (‘EP’) and the EU Council have reached political agreement on the revision of the EU AntiMoney Laundering Directive (‘AMLD’). According to the revised draft AMLD, EU Member States would have to maintain central registers listing information on the ultimate beneficial owners of corporate and other legal entities as
UK states that OECD agrees on substantial activity level required to benefit from preferential IP regimes
The Governments of Germany and the United Kingdom (UK) have, on 11 November 2014, shown their commitment to ensuring that the G20/OECD Base Erosion and Profit Shifting (BEPS) project is successfully concluded by the end of 2015. As such, they have issued a joint statement on 11 November, so as to take forward the pending
The end of the (financial) year is near: everything under control?
For most companies, December is the last month of their financial year, which makes it the ideal time to reflect whether or not the company is in control of its tax and accounting obligations. Things that cross our mind are, for example: a final possibility to make an advance tax payment in order to avoid
Proposed legislation for Italian Patent Box regime
In Italy the bill for the 2015 Stability Law will introduce a “Patent Box” regime for companies performing R&D activities, either directly or in cooperation with universities. Both Italian and foreign companies (through a PE) would be able to benefit from the reduced effective income tax rate on profits generated by R&D projects. The exemption (50%)
Belgian reporting obligation for payments to tax havens
Belgian requirements for payments to ‘tax havens’ As from 1 January 2010, companies subject to Belgian corporate income tax or Belgian non-resident corporate income tax are obliged to declare direct or indirect payments exceeding EUR 100,000 to recipients established in so-called ‘tax havens’. The reporting obligation applies to both cash payments and payments in kind.
New Belgian tax measures announced
A number of new tax measures have been announced in the framework of the Belgian government formation and the budget for 2015, on which an agreement was reached in the second week of October 2014. These measures have an impact on: – entities – companies – corporate income tax; – individuals – personal income tax;
Corporate income tax returns: extension of the filing deadline
Due to some technical maintenance on the server of the Belgian tax authorities, the electronic filing of the tax returns was not possible during the weekend. The Belgian tax authorities therefore decided to extend the filing deadline to Friday 3 October 2014 midnight.
