Belgian Council of Ministers approves Multilateral Agreement on Exchange of Financial Account Information
Yesterday, 23 February 2017, the Belgian Council of Ministers approved a draft bill which implements the multilateral competent authority agreement on the automatic exchange of financial account information (“the Agreement”) that was developed by the OECD and the G-20 countries and published in 2014. On 29 October 2014, Belgium had, together with 50 other jurisdictions,
CJEU rules on subject-to-tax requirement of Parent-Subsidiary Directive
On 8 March 2017, the Court of Justice of the European Union (“CJEU”) rendered its Judgment in Wereldhave Belgium and Others concerning the interpretation of the subject-to-tax requirement of the Parent-Subsidiary Directive (“PSD”) (C-448/15). The CJEU’s interpretation of the PSD’s subject-to-tax requirement is more severe than a mere formal subjective tax liability. However, the precise
UK introduces new corporation tax limitation on interest deductibility
The draft UK Finance Bill 2017 was published in early December 2016. The Bill contains detailed draft legislation to introduce a new limitation on the deductibility of interest expense from corporate profits. These rules, which were further amended on January 26, 2017, will apply to amounts accruing after April 1, 2017. The rules limit a
Belgian Council of Ministers approves Multilateral Agreement on Exchange of CbCR
Today, 24 February 2017, the Belgian Council of Ministers has agreed on a preliminary draft of the law approving the Multilateral Competent Authority Agreement on the exchange of Country-by-Country (CbCR) reports. On 27 January 2016, Belgium had signed this Agreement in Paris in the framework of the OECD BEPS (“Base Erosion and Profit Shifting”) Action
Council agrees its position on hybrid mismatches with third countries
On 21 February 2017, the Council of the EU, meeting through its Economic and Financial Affairs (ECOFIN) Council, agreed its position on rules aimed at closing down ‘hybrid mismatches’ with the tax systems of third countries (so called ATAD II). Following to the European Commission’s proposal on amendments to the Anti-Tax Avoidance Directive (ATAD) as
Law on innovation income deduction: finally published
Finally, the new innovation income deduction (IID) has entered into force. Today, on 20 February 2017, the law with respect the IID has been published in the Belgian Official Gazette. The patent income deduction regime (PID) has been replaced with the IID regime in order to make it BEPS compliant, i.e. avoiding that business profits
Switzerland rejects Corporate Tax Reform III in public vote
With a majority of 59.1%, Swiss voters rejected the Corporate Tax Reform III (CTR III) in a public vote on February 12, 2017. CTR III, the result of a long and complex political process, would have abolished current existing tax regimes, such as the rules for holding or mixed companies. At the same time, the
New innovation income deduction: almost there!
On the last day of January 2017, the Finance Commission of the Chamber of Representatives adopted the draft law on innovation income deduction. This draft law should be adopted by the Chamber of Representatives during one of its plenary debates soon, which is scheduled for 2 February 2017. After that, the law can be published
