New Tax on Securities Accounts: Exemptions for the Financial Sector
On 5 January 2021, the Government published its bill introducing an annual tax on securities accounts in the Code of Various Duties and Taxes. As a recall, the tax is an annual tax on the holding of a securities account, levied at the rate of 0.15% on the average value of the account in excess
Draft bill introducing a new annual tax on securities accounts
On 31 October 2020, the Council of Ministers approved a draft bill introducing a new annual tax on securities accounts in the Code of Various Duties and Taxes (CVDT). The Council of State is being requested to give its opinion on the draft bill. The Government intends to submit the bill to Parliament by year-end.
One step further in the digitisation of the administrative procedures of the Tax Authorities
Withholding tax returns (notably the tax returns 273 & 273 A) currently have to be submitted through the e-service “Prm-on-web” but this will soon be a thing of the past. Indeed, although WHT returns will still have to be submitted on “Prm-on-web” until Monday 19 October, 2020 (9 a.m.), from that date onwards, a new
Circular 2020/C/96 on the taxable basis of foreign movable income
On July 9, 2020, the Belgian Tax Administration published the Circular 2020/C/96 with respect to the determination of taxable income in case of collection of foreign movable income. It confirms that, in case of collection of a foreign movable income, the taxable amount is determined by deducting the foreign tax effectively withheld from the foreign
VAT due on Aladdin services, BlackRock VAT case released – A new challenge for fund asset managers!
The VAT exemption applicable to the management of Special Investment Funds (Article 135(1)(g) of the VAT Directive) raises several issues. Those issues are related to both the concept of “management” and the “type” of funds that benefit from the exemption. The VAT Committee responded to some questions in 2017 but these concepts are certainly not
Administrative circular on spin-off transactions
On April 20th, 2020, the Belgian Tax Administration issued the circular 2020/C/55 further detailing the tax treatment of spin-off transactions according to article 264, first paragraph, 4° of the BITC 92. Context As a reminder, the so-called spin-off transactions are not demerger transactions nor transactions assimilated to a demerger, as defined by article 2, §1,
New measures for open-ended public undertakings for collective investment against the consequences of the COVID-19 epidemic
Summary The Royal Decree of 22 April 2020 aims to protect open-ended public undertakings for collective investment (“UCIs”) against the consequences of the COVID-19 epidemic and in particular protect the liquidity of such UCIs. UCIs that are confronted with redemption requests of their units have to sell, often at unfavourable prices, positions in their portfolios
COVID-19 measures and write-downs on receivables by financial institutions, back to deductibility issues raised during the financial crisis?
Following the measures taken by the various governments in Belgium and abroad to fight against the spread of the Covid-19, it can be expected that credit institutions take write-downs on receivables. In this respect, the Belgian tax authorities have published a circular on this topic earlier this week. In a nutshell, the tax authorities have
