Notional interest deduction rate for tax year 2016 is 1.630%
The Belgian NID rate for tax year 2016 (accounting years ending between 31 December 2015 and 30 December 2016, both dates included) would be 1.630%. Currently, the NID rate (for tax year 2015) is 2.630%. Hence, the rate would decrease with 1%. For SMEs, the NID rate would be 2.130% for tax year 2016. According
BEPS: OECD is gearing up towards the September deadlines
The OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS) was published in July 2013 with a view to addressing perceived flaws in international tax rules. The 40-page Action Plan, which was negotiated and drafted with the active participation of the OECD member states, contains 15 separate action points or work streams, some of which are
Upcoming Global OECD BEPS webcasts
In the framework of the upcoming G20 Finance Ministers meeting to be held in Cairns, Australia on 20-21 September 2014, there are two global OECD BEPS webcasts scheduled this month for you in order to guide you through and anticipate on any potential impact on your businesses: BEPS: Global alignment vs national interest?: This first is a live
FASB adds income tax accounting topics to its agenda
During its Agenda Prioritisation meeting on 13 August, 2014, the Financial Accounting Standards Board (FASB) added the following two income tax accounting topics to its agenda as part of its broader simplification initiative: Possible elimination of the exception for recognising deferred taxes on certain intercompany transactions under ASC 740-10-25-3(e); and Possible classification of all deferred tax
BASC published final advice 2014/8 on the Belgian GAAP treatment of the Fairness Tax
Following the draft advice published on 2 April 2014, the Belgian Accounting Standards Commission (BASC) issued advice 2014/8 on the Belgian GAAP treatment of the Fairness Tax. This advice confirms what was stated in the draft version of the advice. In brief, the final version of the advice confirms that the Fairness Tax should follow
Court of Appeal of Ghent: no interest withholding tax exemption without certificate
In a recent – severe – judgement, the Court of Appeal of Ghent (18 March 2014) ruled that no interest withholding tax exemption can be claimed by lack of a properly dated certificate. Under Belgian domestic tax law, interest payments in principle are subject to a 25% withholding tax. However, based on the implementation of
OECD releases request for input on BEPS Action 11
Background The Action 11 work of the BEPS (base erosion and profit shifting) action plan aims to produce an overview of several different economic analyses of BEPS using different data and methodologies that will give a potential range of the scale (i.e. magnitude of the change in overall tax receipts) and economic impacts (i.e. effects on total
Circular letter on the deductibility of car costs
In a circular letter dated 15 July 2014 (see link below), the Belgian Minister of Finance, Koen Geens, has elaborated on the tax deductibility of the costs relating to cars being put at the disposal of third parties in the hands of whom the corresponding benefit in kind is considered to be taxable. For Belgian