Constitutional Court annuls the tax on conversion of bearer securities
On 5 February 2015, the Belgian Constitutional Court rendered a judgement that annuls tax on the conversion of bearer securities, due to its incompatibility with EU law, in particular with Directive 2008/7/EC of 12 February 2008 concerning indirect taxes on the raising of capital. This judgment follows a decision rendered in case C299/13 in which the
The FASB proposes two Accounting Standard Updates on income taxes
As part of a simplification initiative, the Financial Accounting Standards Board (‘FASB’) issued an exposure draft of two proposed Accounting Standard Updates (‘ASUs’) relating to the accounting for income taxes of the following items: Intra-Entity Asset Transfers Currently the buyer and the seller involved in intra-entity asset transfers are generally required to defer the income
Belgian R&D tax exemption for Young Innovative Companies no illegal state aid Commission says
On 23 January 2015, the European Commission finalised its investigation of the tax incentive for innovative companies which aimed at encouraging R&D activities of new small companies in Belgium under the EU state aid rules. According to the Commission, this tax system complies with the EU state aid rules and can thus be maintained. Note
Fairness tax – Reference for a preliminary ruling to ECJ
The Belgian Constitutional Court (‘BCC’) has referred to the European Court of Justice (‘ECJ’) for a preliminary ruling in respect of the fairness tax. The fairness tax was introduced by the Act of 30 July 2013 and is applicable as of assessment year 2014 (financial years ending 31 December 2013 up to and including 30
BEPS Project: Time to take a closer look at treasury and intercompany financing
OECD Base Erosion & Profit Shifting (BEPS) Project: Time to take a closer look at treasury and intercompany financing Just before the New Year’s break, the OECD issued new discussion drafts in the context of the so-called ‘Base Erosion & Profit Shifting’ project as mandated by the G20, better known as ‘BEPS’. They are particularly
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
Late filing of the annual accounts: firmer sanctions expected
Please be informed that the Government has announced strengthened sanctions in case of the late filing of annual accounts. In its policy document of 2 December 2014, aiming to combat tax fraud, the Government has announced its intention to take firmer action against companies that fail to file their annual accounts within the statutory time
