PRIIPS: Investor protection proposals have been unanimously rejected by ECON
On 1 September 2016, the European Parliament’s Economic and Monetary Committee (ECON) unanimously rejected the European Commission’s investor protection proposals. The Commission’s proposal The European Commission had set out regulatory technical standards (RTS) to provide greater protection to consumers who are interested in investing in packaged retail and insurance-based investment products (PRIIPs). The RTS are
Belgium – corporate tax reform announced
In April 2016, the Federal government, in the framework of the agreement on additional budgetary and recovery measures following the 2016 budgetary control exercise, announced a reform of the Belgian corporate income tax (see our news flash on 11 April 2016). In July 2016, the ‘High Finance Council’ has published a report examining the different
Summary of what has changed during the summer: newly-adopted tax measures
This summer, the Parliament adopted a range of new tax measures (more details below). Other measures are currently under review at the Chamber or pending before the State Council. More details on the new tax measures are announced on our website: Tax reform in Belgium. Patent income deduction The Act of 3 August 2016 providing
New patent income deduction (PID) regime: Innovation Income Deduction
As from 1 July 2016, the existing Belgian patent income deduction (‘PID’) regime has been abolished (Official Gazette of 11 August 2016, 2nd ed.). Indeed, in line with the so-called ‘modified’ nexus approach, the current patent box regime had to be replaced with a BEPS (in particular Action Point 5 of the OECD BEPS Action
OECD releases discussion draft on interest deductions in banking, insurance sectors
On 28 July the OECD released a discussion draft relating to deductions for interest in the banking and insurance sectors. This is part of the ongoing work for BEPS Action 4, Limiting Base Erosion Involving Interest Deductions and Other Financial Payments, which was released as a final report in October 2015. The discussion draft does
Amendment of AIFM Law in view of the implementation of a new real estate investment vehicle, the FIIS
On 20 July 2016, the Parliament voted on Program Act II modifying amongst others the Belgian Act of 19 April 2014 on alternative investment funds and their managers (AIFM Law). These modifications were necessary to enable the adoption of a new royal decree implementing a new regime for real estate investment funds referred to as “Fonds
PwC’s Brexit monitor
The referendum result on Brexit has not only led to economic and political uncertainty within the UK, but also on mainland Europe. The final impact of Brexit is yet unknown, but will certainly weigh down on our economy, business activity and financial markets. You may find the following PwC Brexit Monitor on the subject matter interesting.
European Commission sets out next steps to boost tax transparency
On 5 July 2016, the European Commission (“Commission”) presented a Communication putting forward the priorities in their work towards a fairer, more transparent and more effective taxation system, together with a proposal to amend the Fourth Anti-Money Laundering Directive (“AMLD”). By means of these initiatives, the Commission wants to address the remaining gaps in the
