Belgium and the US sign FATCA Intergovernmental Agreement
On 23 April 2014, Minister of Finance, Koen Geens and US Ambassador, Mark Storella signed the long awaited bilateral Intergovernmental Agreement (IGA) intended to implement the Foreign Account Tax Compliance Act (FATCA). The IGA will provide needed clarity around the implementation of FATCA for the Financial Institutions (FIs) resident in Belgium and those with branches
EC Infringement Procedure
On 16 April the European Commission requested the Netherlands to end the discriminatory tax charge on dividends received on shares held by insurance companies based in another EU Member State or EEA member country
FATCA Intergovernmental Agreement between Belgium and US will be signed on 23 April
On 12 April 2014, the Minister of Finance Koen Geens has announced the imminent signing of the agreement between the United States and Belgium regarding the mutual exchange of financial information and the implementation of FATCA (Foreign Account Tax Compliance Act). The technical negotiations have been concluded and the agreement is finalised. The Minister of
New tax on parking spaces in the Brussels Region
A new (environmental) tax on parking spaces will be effective as from 1 January 2015 (in accordance with the order of 2 May 2013 of the Brussels Region that entered into force on 5 February 2014). The tax is mainly applicable to owners of office buildings. The order limits the amount of parking spaces according
The IRS announced yesterday that it will treat 19 countries as having IGAs in effect.
On 2 April 2014, the US Treasury Department (Treasury) and the Internal Revenue Service (IRS) announced that jurisdictions that have reached agreements in substance with the United States on the terms of intergovernmental agreements (IGAs) under the Foreign Account Tax Compliance Act (FATCA) can be treated as having agreements in effect until the end of
Creation of a Belgian ‘Regulated Real Estate Company’: an optional regime for Belgian Real Estate Funds.
Following the EU Alternative Investment Fund Managers Directive (‘AIFMD’) and its Belgian implementation (below ‘AIFMD Regulations’), AIF Managers carrying out activities within the scope of AIFMD will have to file an application for authorisation before 22 July 2014 and will have to comply with the conditions imposed. As things stand today, Belgian Real Estate Funds
Recent Information Reporting Developments
The following are recent developments related to FATCA and other US and non-US Information Reporting requirements. Final Form W-8BEN-E Released The IRS released on 28 March 2014 the W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities). The W-8BEN-E is the most recent of the W-8 forms to be
PwC formatted version of temporary & final FATCA regulations
PwC has updated its formatted version of the FATCA regulations. The new edition is available for download by following this link. The regulations The US Department of the Treasury and the Internal Revenue Service (IRS) released on 20 February 2014 temporary and final regulations for FATCA as well as changes to coordinate the FATCA regulations
