Late corporate tax filings trigger notification of ex-officio assessment: mind and manage the adverse tax consequences
We noticed that lately the Tax authorities, in a coordinated effort, addressed notifications of ex-officio assessment to corporate taxpayers that did not yet file the corporate income tax return for Assessment year 2019 or that filed the return late. If no return has been filed yet, the company can be assessed on a lump sum
Data automation and XML conversion for the social passive exemption
The introduction of the unified employment status as from 1 January 2014 results generally in increased dismissal costs for employers. To support employers in dealing with these increased costs of dismissal, the legislator introduced the so-called ‘Exemption for social passive’. See one of our previous posts for more detail on the “corporate tax exemption for
General filing extension till 29 October 2020 confirmed for corporate income tax, non-resident corporate income tax and legal entity tax returns
Considering the exceptional business environment, the Minister of Finance decided to extend the initial filing due date for Assessment Year 2020 of 24 September 2020 till 29 October 2020. The extension applies to corporate income tax, non-resident corporate income tax and legal entity tax returns to be filed via BizTax. BizTax is currently operational, but
Carry-back of losses: law published – listen to our podcast
On 1 July 2020, the law on the temporary tax exemption of profits in anticipation of tax losses realized in the COVID-19 period (the so-called tax loss “carry-back” system) was published in the Belgian Official Gazette. The new law aims to strengthen the liquidity and solvency of companies that were in a sound condition but
Publication of updated FAQs on Belgian documentation requirements
On 30 June 2020, the Belgian Tax Authorities published its Circular Letter 2020/C/88 containing an update of the Frequently Asked Questions (FAQ) (previous version dd. 4 May 2018) with respect to the Belgian transfer pricing documentation requirements on Country-by-Country Reporting (CbCR) (articles 321/1 to 321/2 BITC), the notification on CbCR (article 321/3 BITC), the Master
The resident and non-resident corporate income tax return forms for Assessment Year 2020 have been published by the tax authorities
The BizTax e-filing platform would become available by 7 July 2020. It’s no surprise that in total an additional page was required to embed all the necessary entries and related disclosures for new measures entering into force, amongst others: interest limitation rule (“3 MIO/30% EBITDA rule”), group contribution(“Tax consolidation”), Controlled Foreign Corporations (“CFC rules”) and
Belgium published FAQ on the DAC 6 rules
As a recap, the DAC 6 directive covers the EU Mandatory Disclosure rules on certain tax arrangements. This directive was enacted in Belgian legislation in December 2019. To further clarify the DAC 6 law in Belgium, the Belgian tax authorities published a FAQ with further guidance on the application of the rules. Recently an extension
ICS2 – Coming new EU customs pre-arrival security and safety program
The European Union will launch a new EU customs pre-arrival security and safety program which will be handled via the so-called Import Control System 2 (ICS2), a large-scale information system. The new program is essential for managing entry security and safety border controls. The program will help to establish an integrated EU approach to reinforce
