Practice note issued in relation to Belgian fairness tax
As from AY14 (which are financial years ending 31 December 2013 or later), a so called ‘fairness tax’ of 5.15% is levied on certain dividend distributions made by large Belgian companies or by foreign companies with a Belgian permanent establishment, when the underlying profits have not been effectively taxed due to tax losses or Notional
Reporting obligation foreign bank accounts extended
Last week the Belgian parliament voted an amendment to the Belgian Income Tax Code with respect to the reporting obligation of foreign bank accounts by Belgian individuals at the central contact point (“centraal aanspreekpunt” in Dutch/”point de contact central” in French) of the Belgian National Bank. As from the first of November 2014 the Belgian
Investment deduction percentages for assessment year 2015 published
On 26 March 2014, the new percentages for investment deduction, applicable to assessment year 2015 (income year 2014), were published in the Belgian Official Gazette. Generally speaking, to the extent specific legal conditions are met, Belgian companies or Belgian branches of foreign companies can deduct above the normal amortisation rules an extra percentage of the
Belgian tax authorities can copy and seize computerised information of taxpayers
The Belgian tax authorities have a broad view on their investigation powers as regards to computerised information. Recent case law seems to approve this broad view. After the tug-of-war between the Belgian taxpayers and the Belgian tax authorities regarding the competences of the latter to investigate, copy and seize computerised (digital) information, it seems that
Mandatory e-filing of income tax returns
Since assessment year 2005, Belgian corporate entities have the possibility to file their corporate income tax return electronically.
Reporting obligation for payments to tax havens extended to Luxembourg, Cyprus, BVI and Seychelles
Background Since January 1, 2010, companies subject to Belgian corporate income tax or Belgian non-resident corporate income tax are obliged to declare (in form 275F) direct or indirect payments exceeding EUR 100,000 to recipients established in so-called ‘tax havens’ (article 307, §1, 4° of the Belgian Income Tax Code). The reporting obligation applies to both
European Parliament’s draft report to the revised Parent Subsidiary Directive
On 28 January 2014, the European Parliament provided its draft report and draft amendments to the European Commission’s proposal for revision of the Parent-Subsidiary Directive. 1. Background On 25 November 2013, the European Commission has proposed certain amendments to the EU Parent-Subsidiary Directive in order to significantly reduce tax fraud/evasion and aggressive tax planning/base erosion and profit
Current practice of different filing deadlines is unconstitutional
In a recent court case (Court of Appeal of Ghent, 26 January 2014), the Belgian courts have ruled that the current practice of the tax authorities of providing different filing deadlines, depending by whom (the taxpayer or representative) or the manner of filing (on paper or electronically) is unconstitutional, as this violates the general principles
