EU FTT – Will the Commission’s proposal survive?
There continues to be much press coverage around the EU Financial Transaction Tax (“EU FTT”). There has been speculation that the draft Directive issued earlier this year will be considerably diluted and that the eleven countries within the Enhanced Cooperation Procedure are struggling to reach consensus. Notably, there was no mention of the EU FTT
Belgian Law not EU compliant in relation to Downward PE adjustment to the Notional Interest Deduction basis
Under the notional interest deduction (hereafter “NID”) regime, Belgium introduced a sui generis corporate tax deduction, i.e. Belgian corporate income taxpayers are for tax purposes allowed to claim a NID reflecting the economic cost of the use of capital, equal to the cost of long-term, risk-free financing. In practice, the NID is equal to the
Proposed Bank Levies – Summary table
Following the financial crisis and the subsequent imbalances for financial institutions and even national economies, legislators all over the world have introduced various measures concerning the regulation and supervision of financial institutions and financial markets. In this context, some countries have introduced bank levies, some of which have been given the form of a tax
European Commission seeks to expand automatic information exchange between EU Member States
In brief European Union (EU) Tax Commissioner Algirdas Šemeta on June 13, 2013 presented a Proposal for a Council Directive intended to combat tax evasion by expanding the scope of the automatic exchange of information (“AEOI”) between EU Member States on “dividends, capital gains, all other financial income and account balances” and is planned to
UK Releases Details Outlining Implementation of FATCA
On 31 May 2013, HM Treasury and HMRC released the International Tax Compliance (United States of America) Regulations 2013 (“UK Regulations”) to implement the Agreement to Improve International Tax Compliance and to Implement FATCA and simultaneously released updated Guidance Notes. The UK Regulations and Guidance Notes provide more clarity in respect of the legislation “Draft
BMF announces the release of the German Intergovernmental Agreement for implementing FATCA
On Friday, 31 May 2013, the German Ministry of Finance, Bundesfinanzministerium (BMF), announced the release of the FATCA Intergovernmental Agreement between the Federal Republic of Germany and the United States (German-U.S. IGA) for implementing the broad ranging provisions of the Foreign Account Tax Compliance Act (“FATCA”). The BMF had issued a news release on 21
Savings Deposits: Belgium Sentenced by the Court of Justice
Interest arising from a regulated savings deposit up to an amount of EUR 1.250 per annum (read: EUR 1.880 for tax year 2014) is not considered as movable income subject to Belgian taxation provided amongst other conditions, that the interest is the result of a savings deposit held with a financial institution established in Belgium (Art.
The latest developments on the transparency requirements in Capital Requirements Directive IV
This Newsflash reflects our current understanding of the issues at the time of writing. We expect our understanding to develop over time, and the Newsflash will be updated accordingly. Recent event – Plenary sitting of the European Parliament – April 2013 On 16 April 2013 the European Parliament voted to adopt a directive requiring detailed
