European Commission launches public consultation on IFRS
The European Commission is holding a public consultation to seek views from all interested parties on their experience of Regulation 1606/2002 (“the IAS Regulation”). The results of this public consultation will feed into the European Commission’s evaluation of the IAS Regulation. The IAS Regulation states that the IFRS must be applied to the consolidated financial
Global Tax Accounting Services Newsletter (April– June 2014)
In this release, an update is provided on a variety of accounting and reporting developments, including: country-by-country reporting the OECD project on hybrid mismatch arrangements, and the new converged standard on revenue recognition recently issued by the Financial Accounting Standards Board and International Accounting Standards Board Your attention is also drawn to some significant tax
OECD releases global standard for automatic exchange of tax information
Starting in 2012, political interest has increasingly focused on the opportunities provided by an automatic exchange of information between tax authorities. On 6 September 2013, the G20 Leaders committed to the automatic exchange of information as the new global standard and fully supported the OECD work for developing a single standard for automatic exchange of
Belgian corporate tax deduction rejected for stock option plan cost recharged by foreign parent company
Court of Appeal of Brussels confirms four-year old decision of Court of First Instance of Brussels. We refer to our HRS Headline of 26 May 2010. On 25 June 2014, the Court of Appeal of Brussels confirmed the decision of the Court of First Instance of Brussels of 16 April 2010. According to this decision,
Parliamentary question regarding the application of Belgian thin cap rules for cash pooling activities
The Minister of Finance answered a Parliamentary question on how the Belgian thin cap rules should be applied in practice to cash pooling activities. The Minister was asked a.o. how a daily assessment of the 5:1 debt-equity ratio links in with the netting of interest paid and received for cash pooling companies (for more information
Challenges multinationals may face in completing the OECD’s country-by-country reporting template
On 30 January 2014, the Organisation for Economic Cooperation and Development (OECD) released a discussion draft on transfer pricing documentation and country-by-country reporting (CBCR) which included a template for reporting of income, taxes, and economic activity (CBCR template). The purpose of the CBCR template is to provide tax authorities with the information necessary to conduct
Personal income taxes – Calculation of the tax surcharge due to late tax filing
Based on the Belgian Income Tax Code 1992, when a taxpayer does not file a tax return or files an incomplete or incorrect tax return, a tax surcharge is applied ‘on the tax in relation to the non-declared income’. The tax surcharge can also be applied in case of late filing. The amount of the
Global Tax Accounting Services Newsletter (January – March 2014)
In this Global Tax Accounting Services Newsletter an update is provided on a variety of accounting and reporting developments
