Accounting Standards Commission withdraws Advice 126/17 on valuation of assets
As a response to the GIMLE judgement of the European Court of Justice (ECJ judgment C-322/12, 3 October, 2013 [GIMLE ]), the Belgian Accounting Standards Commission (ASC) announced the withdrawal of its opinion no. 126/17. The opinion concerned the valuation of acquired assets, whether for free or below market value. Following publication of the opinion
Foreign business trips – Costs proper to the employer
Costs incurred by employees during foreign business trips can be reimbursed free of income tax by their employer on a lump sum basis, provided the amount reimbursed is in line with the expense rates applied by the government for its own state personnel. As stated in a previous headline, for foreign business trips exceeding 30
Investment deduction percentages for assessment year 2015 published
On 26 March 2014, the new percentages for investment deduction, applicable to assessment year 2015 (income year 2014), were published in the Belgian Official Gazette. Generally speaking, to the extent specific legal conditions are met, Belgian companies or Belgian branches of foreign companies can deduct above the normal amortisation rules an extra percentage of the
Tax authorities target the partial exemption of remittance of Belgian withholding taxes
The amount of Belgian withholding taxes is based on the withholding income tax scales published in a Royal Decree. The Belgian income tax code foresees several exemptions (overtime, research and development, night and shift work, …) with respect to the remittance of Belgian withholding taxes. In this respect, it should be noted that the Belgian tax
Belgian tax authorities can copy and seize computerised information of taxpayers
The Belgian tax authorities have a broad view on their investigation powers as regards to computerised information. Recent case law seems to approve this broad view. After the tug-of-war between the Belgian taxpayers and the Belgian tax authorities regarding the competences of the latter to investigate, copy and seize computerised (digital) information, it seems that
Mandatory e-filing of income tax returns
Since assessment year 2005, Belgian corporate entities have the possibility to file their corporate income tax return electronically.
Reporting obligation for payments to tax havens extended to Luxembourg, Cyprus, BVI and Seychelles
Background Since January 1, 2010, companies subject to Belgian corporate income tax or Belgian non-resident corporate income tax are obliged to declare (in form 275F) direct or indirect payments exceeding EUR 100,000 to recipients established in so-called ‘tax havens’ (article 307, §1, 4° of the Belgian Income Tax Code). The reporting obligation applies to both
PwC’s comments on OECD TP documentation draft and CbC reporting
PwC has released its response to the OECD’s Discussion Draft launched in the context of BEPS Action point 13. Click here to read PwC’s Comments The Discussion Draft was issued on January 30 and comments were due yesterday. A public OECD consultation meeting will follow on May 19. Needless to say that we are monitoring
