Net Asset Tax – Constitutional Court annuls retroactive increase of rate
On 22 January 2015, the Belgian Constitutional Court rendered a judgement annulling the retroactive increase of the Net Asset Tax (“NAT”) rate introduced by the Act of 17 June 2013 with respect to assessment year 2013. This Act had increased the NAT rate from 0.0800% to 0.0965% as from 1 January 2013, as a result
IRS issues Final Regulations with respect to foreign financial assets (Form 8938)
The Final rules do not significantly alter previous guidance On December 12, 2014, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations implementing Section 6038D, which requires individuals to report interests in specified foreign financial assets (SFFAs) using Form 8938, Statement of Foreign Specified Assets when filing their
EU FTT: back from the dead?
EU Financial Transaction Tax (“FTT”) finally implemented? During the last two months of 2014, a number of meetings were held both between the EU-11 and between the EU-11 and other EU Member States, with the aim of reaching consensus on the EU FTT. Despite the commitment of the Italian EU Council Presidency to the EU
End of the Luxembourg withholding tax system in the frame of the EU Savings Directive
The Luxembourg parliament voted the draft Law n°6668 enacting the automatic exchange of information for interest payments within the EU as from 1 January 2015, in the frame of the EU Savings Directive (“the EUSD”). Such draft Law has become the Law of 25 November 2014, published in the memorial dated 27 November 2014. The
ESMA publishes updated Q&A on Prospectus issues
On 22 October 2014, the European Securities and Markets Authority (ESMA) published an updated version of its Q&A on Prospectus issues related the Prospectus Directive 2003/71/EC (Prospectus Directive) and the accompanying Commission Regulation on Prospectuses EC No 809/2004 (Regulation). The Prospectus Directive and accompanying Regulation establish a harmonised format for prospectuses in Europe and allow
Net Asset Tax – Foreign Collective Investment Undertakings
The European Commission has announced yesterday its intention to refer Belgium to the EU Court of Justice in relation to the discriminatory taxation of foreign Collective Investment Undertakings (“CIU”) located in another member state of the EU/EEA. The Belgian Inheritance Tax Code – which provides for the Net Asset Tax rules – indeed foresees a
ESMA Q&A – FSMA position papers – latest developments
The European Securities and Markets Authority (below ‘ESMA’) promotes common supervisory approaches and practices in respect of the application of the European Directive on Alternative Investment Fund Managers (below the ‘AIFMD’) and its implementing measures. In this context, ESMA has publishedQuestions & Answers (below ‘Q&A’) on the application of the AIFMD. These Q&A have been
Italian substitute tax on credit facility: automatic application replaced by election mechanism
The substitute tax on credit facility agreements under Articles 15 and following of Presidential Decree No. 601 issued on September 29, 1973 An amendment enacted in December 2013 now allows parties to certain credit facility agreements to opt to have a substitute apply to such transactions, as opposed to it applying by default. Such option
