New single annual bank tax announced
On Friday the 13th, the Council of Ministers approved a draft bill of law establishing a new single annual bank tax replacing four different existing taxes, with a view to a better distribution of the tax burden between small and large banks. Overall, it leads to a tax increase of EUR 55 million. As a
Belgium – budgetary control 2016: reform of corporate tax regime announced
On 9 April 2016, the federal government reached an agreement on additional budgetary and recovery measures following the 2016 budgetary control exercise. To keep the budget on track, among others the following tax measures have been agreed: Reform of the Belgian corporate income tax regime. The corporate income tax regime will be reformed in order
European Commission proposes Anti-Tax Avoidance Package
On 28 January 2016, the EU Commission presented its Anti-Tax Avoidance Package. The continuing political will to address tax avoidance may result in the 100% consensus required by EU Member States to effect the proposed tax changes. The EU-28 governments will have to decide if they are willing to go further than the G20/OECD BEPS
Draft Program Act of 26 November 2015 – Tax measures
A draft Program Act has recently been submitted to Belgian Parliament, containing the following tax measures: When a former employee has entered into the system of unemployment with company surcharge, takes up a new employment with another employer (or becomes self-employed), he is in principle still entitled to receive the company surcharge. This surcharge (and additional
Tax reform announced in the Flemish Region
Following the recent tax reform announcements in the Brussels Capital Region and Walloon Region, the Flemish Government has recently also announced a reform on the ‘tax reduction for mortgage loans concluded for the sole and own dwelling’. The changes envisaged will apply to mortgage loans concluded as of 2016. The condition of ‘sole’ dwelling will be abolished. Consequently,
Tax reform announced in the Walloon Region
Recently, the Walloon Government announced a tax reform with respect to the “tax reduction for mortgage loans for the sole and own dwelling”. In this respect, a so-called system of “chèque habitat” would be introduced. The tax reduction would be limited in time (for maximum 20 years) and depend on the net taxable income of
Tax reform announced in the Brussels Region
The Brussels Capital Region has recently presented its budget for 2016. Amongst others, a tax reform was announced, which will be implemented partially in 2016 and partially in 2017. In 2016, the lump-sum regional tax of EUR 89 and the additional levy of 1% on the federal personal income taxes will be abolished. Real estate
Belgium: new agreement on Tax Shift
On 10 October 2015, the Belgian federal government reached a new agreement on the so-called “tax shift”. The tax shift is the shift from tax on labour to other taxes. The objectives of the tax shift are: To respect the budgetary engagements; A revival of the economy by creating more jobs; Reducing labour taxes to
