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
FSMA provides technical details for AIFM reporting
The Belgian Financial Services and Markets Authority (FSMA) has issued a circular that aims to clarify technical details of how managers registered and approved in Belgium of alternative investment funds (AIFs) of the European Union (EU) or of AIFs marketed in a EU member state, should comply with the reporting obligations set out in the
New practice note: Withholding taxes for Belgian-sourced dividends received by Belgian-regulated investment companies
On 24 June 2014, the tax administration published a Practice Note on its website related to the 2013 modification of the withholding tax regime for Belgian-sourced dividends received by Belgian-regulated investment companies. The note provides comments on the tax regime both before and after the change in law introduced by the Act of 30 July
