VAT deduction on deal fees for an aborted transaction
Ryanair incurred considerable deal fees in relation to an envisaged takeover of a competitor. The takeover failed. Ryanair claimed input VAT deduction on the professional costs incurred based on its intention to perform taxable transactions with input VAT credit. In relation to deal fees, generally, input VAT deduction is allowed if management services against consideration
Belgium launches pilot program on cooperative tax compliance
The Large Enterprises Division of the Belgian tax administration (“LE Division”) announced the launch of a two-year pilot project on cooperative tax compliance (Cooperative Tax Compliance Program – “CTCP”). The program is aimed at transforming the traditional approach of ex-post tax investigations towards a system of proactive, real-time and constructive dialogue on the tax affairs of corporates.
EU Direct Tax Newsalert: EU Commission finds that Luxembourg did not grant State aid to McDonalds
On 19 September 2018, the European Commission (“EC”) issued a press release concerning its final decision in the State aid investigation into tax rulings granted by the Luxembourg tax authorities to a Luxembourg subsidiary of the McDonald’s group in relation to the treatment of a branch established in the United States of America (“US”). The
Brexit news – UK Government publishes technical note on trade impact of a “no deal” scenario
UK Government publishes technical note on trade impact of a “no deal” scenario Although still confident that a deal will be reached, the UK government published last week several (on 80 expected) technical notes for a “no deal” scenario, of which one deals with the trade impact under a “no deal” scenario. Read the
The due date for both the Belgian corporate income tax return and the local form for assessment year 2018 is approaching: are you in control?
Corporate income tax return Belgian companies (and non-resident companies) have the yearly obligation to file a Belgian corporate income tax return within the statutory deadline. Filing a complete, timely and well-documented tax return is not only important to avoid penalties for not applying the correct tax treatment on a wide variety of expenses (and to
Belgian implementation of the UBO register
As mentioned in our previous newsflash of 19 July 2017, according to the fourth Anti-Money Laundering Directive (2015/849), adopted by the European Parliament on 20 may 2015, one of the obligations of all EU Member States was to establish a national register of ultimate beneficial owners (UBO) before 26 June 2017. Through the introduction of this
Expected changes in employers’ tax reporting obligations of some equity incentives
When foreign headquartered companies grant stock options to employees of their Belgian subsidiaries, such option grants, where taxable at grant, are ALWAYS reportable by the Belgian employing subsidiary on the employee’s individual statement 281.10. This reporting obligation is due irrespective of whether such subsidiary is involved in the option grant or expenses the stock option
Last steps in the Belgian corporate tax reform taken before the summer recess
Just before the holiday period, the Belgian Chamber adopted the final text of the corporate tax reform that was initiated last year. As expected, a new Act amends and supplements the Corporate Income Tax Reform Act and the Program Act, both published end of December 2017. Some of the very last changes introduce new anti-abuse
