Biztax filing deadline postponed to 7 October 2015
The Federal Public Department of Finance announced today that the deadline for filling tax returns via Biztax is postponed to 7 October 2015 due to IT problems. This extended deadline applies to tax returns that relate to: corporate income taxation (residents and non-residents); and legal entities income taxation. Initially, the deadline was set at 30 September 2015
Notional interest deduction rate for tax year 2017 is 1,131%
The Belgian NID rate for tax year 2017 (accounting years ending between 31 December 2016 and 30 December 2017, both dates included) would be 1,131%. For SMEs (Small and Medium-sized Enterprises), the NID rate would be 1,631% for tax year 2017. According to article 205quater, §2 of the Belgian Income Tax Code (“BITC”), the NID
Federal Public Department Finance launches new centres for ‘large companies’
‘Large companies’ The Belgian government has changed the way tax audits and dispute resolution for large companies are being organised. More in particular, 7 new centres for ‘large companies’ and a centre for ‘large companies management and specialised tax audits’ are set up as from 1 July 2015. 7 centres for ‘large companies’ The 7 new
Global Tax Accounting Services Newsletter (April – June 2015)
This release is designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing some technical guidance on challenging tax accounting areas. The topics featured in this edition are amongst others: The Financial Accounting Standards Board’s exposure draft on tax accounting for stock compensation The status of
Non-Resident companies must file Belgian non-resident tax return electronically
As of assessment year 2015 the non-resident corporate income tax return must also be filed electronically in Belgium (BizTax application). The due date for the filing is set at 30 September 2015. No paper tax return form or other communication will be sent out to the non-resident companies this year to inform or remind them of
Investment deduction percentages for assessment year 2016 published
On 27 April 2015, the new percentages for investment deduction, applicable to assessment year 2016, were published in the Belgian Official Gazette. The percentages for assessment year 2016 have not changed compared to assessment year 2015. Here is a summary: 1. One-shot investment deduction Private individuals: 13.5% for investments in patents and assets that aim to promote R&D
When to account for tax law changes (IFRS and US GAAP)
Keeping track of tax law changes around the world has increasingly become a challenge for businesses. Companies are rapidly expanding their geographic footprint at a time when the evolution and developments in jurisdictional tax laws are undergoing nearly constant change. Naturally, changes in tax law have an impact on tax planning, tax return preparation and,
Global Tax Accounting Services Newsletter (January – March 2015)
This release is designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing some technical guidance on challenging tax accounting areas. The topics featured in this edition are amongst others: the FASB’s exposure draft on intra-entity asset transfers and the balance sheet classification of deferred taxes,
