As already discussed in our previous newsflashes (20 August 2018 & 28 September 2018), a register regarding the Ultimate Beneficial Owners (‘UBO’s’) of legal entities was introduced in Belgium. In principle, the information on the UBO’s needed to be registered by 30 November 2018. However, an extension of the deadline till 31 March 2019 was
Cayman Tax The so-called ‘Cayman Tax’, introduced as from 1 January 2015, is a taxation regime in the Belgian income tax code that introduces a tax transparency of certain legal constructions that have been set up by Belgian private individual tax residents. The income of certain qualifying entities will be taxed directly in the hands
On Friday 1 September 2017, the legislation concerning the reform of inheritance law was published in the Official Gazette. Belgian inheritance law, still mainly derived from the Napoleonic Code of 1804, will be updated due to the publication of these new texts. The three main topics of the reform are the following: Modification of the
On 26 July 2017, the federal government reached an agreement on an important tax, economic and social reform package. A significant gradual reduction in the corporate income tax rate to 25% in 2020 and fiscal consolidation are key components of the package. The agreement preserves the notional interest deduction. The tax reform is built around
Remark: The following announced measures will have to be formalised in draft legislation which should only be available as from September/October. Only then will full details be known. On 26 July 2017, the Federal government reached an agreement on an important corporate tax reform, significantly reducing the corporate tax rate. More details will follow below.
According to the fourth Anti-Money Laundering Directive (2015/849), adopted by the European Parliament on 20 May 2015, one of the obligations of all EU Member States was to establish a national register of ultimate beneficial owners (UBO) before 26 June 2017. Through the introduction of this register, the Member States will have an additional tool