ATAD II Directive formally adopted
On 29 May 2017, the EU’s Council (in the Competitiveness Council configuration) formally adopted the Council Directive amending Directive (EU) 2016/1164 as regards hybrid mismatches with third countries (ATAD II) without further discussion. The amended Directive (ATAD II) has a broader scope than ATAD I as it also covers hybrid mismatches with third countries and
Agreement on new council directive on double taxation dispute resolution
During its meeting on 23 May 2017, the ECOFIN Council reached an agreement on a proposal for a new system for resolving double taxation disputes within the EU. Based on the Convention on the elimination of double taxation in connection with the adjustment of profits of associated enterprises (the EU Arbitration Convention – 90/436/EEC), the
OECD releases discussion draft on the implementation guidance on hard-to-value intangibles
On 23 May 2017, the OECD released (under the impetus of the Final Report on BEPS Actions 8-10) a discussion draft which aims to giving guidance on the implementation of the approach to use ex post results as presumptive evidence about the ex ante pricing of transfers of hard-to-value intangibles (“HTVI”). The approach is described
Belgian Fairness Tax: Status Quaestionis (update)
As a recall, by request sent to the Constitutional Court, a Belgian taxpayer company has filed in January 2014 an action for annulment of the so-called Belgian ‘Fairness Tax’. This action comprises four different causes of action each of them including different headings or arguments: European law: freedom of establishment and Parent-Subsidiary Directive; Constitutional law:
Ruling Office – rulings delayed due to annulation of French-speaking Board members
On 28 April 2017, the Belgian Council of State annulled the nomination of the French-speaking Board members of the Ruling Office, due to a complaint by a previous Board member. As a result of the judgement, the Ruling Office will not be able to take any formal decisions before the Board members have been replaced.
OECD publishes additional guidance on Country-by-Country reporting (BEPS Action 13)
On 6 April 2017, the OECD has published further guidance for tax administrations and MNE Groups on Country-by-Country (CbC) reporting (Base Erosion and Profit Shifting (BEPS) Action 13). The guidance was released by the Inclusive Framework, which brings together over 100 countries and jurisdictions to collaborate on the implementation of the OECD/G20 BEPS Package. The
Update on payments to tax havens – Circular Letter published
On 22 March 2017, a circular letter has been published with respect to the extended scope of the reporting obligation of payments to tax havens as included in the Program Act of 1 July 2016. Belgian tax legislation (article 307 BITC 92) foresees in a reporting obligation for (in)direct payments made to tax havens(in case these
Brexit and IFRS Tax Accounting
A little over nine months after British voters chose to withdraw from the EU, Britain took a decisive, and likely irreversible, step on Wednesday 29 March 2017 by giving formal notice of its intention to leave the EU. This notice will trigger the process of negotiating the UK’s exit, which is likely to last at
