IFRS 16 – Leases Standard
The International Accounting Standards Board (‘IASB’) announced a new leasing standard that will come into effect on 1 January 2019 (earlier application permitted for accounting periods ending on or after 1 January 2017). This new standard requires lessees to recognise nearly all leases– with an exemption for short-term and low-value asset leases – on the
New draft legislation published on the status and supervision of insurance or reinsurance companies
This draft legislation proposes important new rules for reinsurance companies and fills certain gaps currently existing in the law. 1. Current legislation The legislation on insurance and reinsurance companies is currently split into two parts: the Act of 9 July 1975 on the control of insurance companies (the Insurance Act) and the Act of 16
Belgian Net Asset Tax before the Court of Justice of the EU – AG’s Opinion released
According to the Advocate General’s opinion issued on 21 January 2016, the Belgian Net Asset Tax applied to foreign investment funds is compatible with European law. The Court of Justice of the European Union (CJEU) was requested, by the Court of Appeal of Brussels, to grant a preliminary ruling on the compatibility, with European
Securities Financing Transactions Regulation enters into force
The new Regulation on transparency of Securities Financing Transactions (also known as SFTR) was published in the Official Journal of the EU on 23 December 2015 and entered into force on 12 January 2016. The SFTR is part of the Commission’s action plan on shadow banking and aims to improve the transparency of certain transactions
Belgium to introduce a new capital gains tax
In the framework of the ‘Tax Shift’ agreement, the Belgian government announced a new speculative tax (or capital gains tax, below ‘CGT’). The bill of law on measures for strengthening job creation and purchasing power dated 10 December 2015 provides further details in this respect. Speculative tax/capital gains tax In a nutshell, here are the
Belgian Minister of Finance sheds light on implementation of BEPS related measures
The Belgian Minister of Finance has just shared new insights on how Belgium will be addressing the outcome of the OECD/G20 project in relation to Base Erosion and Profit Shifting (“BEPS”). He opted to do so via the “Plan to combat tax fraud”. The title of his policy note is misleading since the document covers,
NBB publishes circular introducing governance manual for banking sector
Since the introduction of the new Banking Act[1], various governance rules have been updated and further detailed. The National Bank of Belgium published on 7 December 2015 a circular that introduces a governance manual for the banking sector. This manual aims to combine and clarify all governance policy documents applicable to credit institutions. The financial crisis drew
Draft Program Act of 26 November 2015 – Tax measures
A draft Program Act has recently been submitted to Belgian Parliament, containing the following tax measures: When a former employee has entered into the system of unemployment with company surcharge, takes up a new employment with another employer (or becomes self-employed), he is in principle still entitled to receive the company surcharge. This surcharge (and additional
