Capital gains on shares of investment companies
Capital gains on shares of investment companies: capitalising shares v. distributing shares (SICAV-RDT/DBI-BEVEK) Judgment of the Constitutional Court of 28 May 2015 (ref. 75/2015) At issue The question relating to Articles 192 and 203 of the Income Tax Code of 1992 (ITC 92) raised by the Court of First Instance of Brussels. The question reads
Swiss Federal Supreme Court rules in Withholding Tax Case for Danish banks
The Swiss Federal Supreme Court has delivered two judgements regarding Swiss withholding tax refund cases for two Danish banks involved in derivative transactions over the dividend ex-date with Swiss equities. In both cases, the Swiss Federal Supreme Court ruled in favour of the Federal Tax Authority (FTA) and overruled the previous decisions taken by the
Net Asset Tax – annulment of retroactive tax increase for credit institutions
The Net Asset Tax (‘NAT’) rate for assessment year 2013 for credit institutions has been increased from 0.0800% to 0.0965% by the Act of 17 June 2013 and from 0.0965% to 0.1200% by the Act of 30 June 2013. The increased NAT rate applied to already filled NAT returns, resulting in taxpayers being forced to
Customer and Investor Tax Transparency – Updates on Tax Transparency and Exchange of Information
Updates highlighted in this issue IRS Releases Revised Publication on FATCA Data Exchange Service with Testing Sessions now available FATCA IDES Sample Test Packet Form 1042-S instructions have been released Bulgaria approves IGA (signed 5 December 2014) Jersey draft guidance Jersey’s statement on tax transparency Poland will participate in the implementation of FATCA Luxembourg draft
FSMA, Febelfin and FEB published a joint Communication on EMIR
On 2 December 2014, the Financial Securities and Markets Authority (FSMA), the Fédération belge du secteur financier (Febelfin) and the Federation of Enterprises (FEB) prepared and issued a joint communication on the application of the European regulation EMIR (as defined below) to non-financial counterparties active in derivatives transactions (the “Communication”). The regulation (EU) No 648/2012
New FSMA guidelines on the approval process for independent financial planners
On 4 November 2014, the Financial Services and Markets Authority (‘FSMA’) published a Memorandum dated 1st November 2014 on its website on the access to the legal status of independent financial planner and related approval process with the FSMA (the ‘Memorandum’). The Belgian Act of 25 April 2014 on the legal status and supervision of
ESMA publishes updated Q&A on Prospectus issues
On 22 October 2014, the European Securities and Markets Authority (ESMA) published an updated version of its Q&A on Prospectus issues related the Prospectus Directive 2003/71/EC (Prospectus Directive) and the accompanying Commission Regulation on Prospectuses EC No 809/2004 (Regulation). The Prospectus Directive and accompanying Regulation establish a harmonised format for prospectuses in Europe and allow
ESMA Q&A – FSMA position papers – latest developments
The European Securities and Markets Authority (below ‘ESMA’) promotes common supervisory approaches and practices in respect of the application of the European Directive on Alternative Investment Fund Managers (below the ‘AIFMD’) and its implementing measures. In this context, ESMA has publishedQuestions & Answers (below ‘Q&A’) on the application of the AIFMD. These Q&A have been
