Protocol to Belgium-Switzerland Double Tax Treaty enters into force
According to the Swiss Federal Department of Finance the additional protocol to the Double Tax Treaty (‘DTT’) between Belgium and Switzerland, that has been signed on April 10, 2014 has entered into force as of July 19, 2017 and will generally apply as from January 2018. In general terms, the protocol brings the current DTT,
OECD released report on Neutralising the Effects of Branch Mismatch Arrangements (BEPS Action 2)
On 27 July 2017, the OECD released the report on Neutralising the Effects of Branch Mismatch Arrangements (BEPS Action 2). This report sets out recommendations for branch mismatch rules that would bring the treatment of these structures into line with the treatment of hybrid mismatch arrangements as set out in the 2015 Report on Neutralising the Effects
Belgian tax reform reduces corporate rate to 25% and introduces fiscal consolidation
On 26 July 2017, the federal government reached an agreement on an important tax, economic and social reform package. A significant gradual reduction in the corporate income tax rate to 25% in 2020 and fiscal consolidation are key components of the package. The agreement preserves the notional interest deduction. The tax reform is built around
Belgium decides to reduce corporate tax rate from 34% to 25%
Remark: The following announced measures will have to be formalised in draft legislation which should only be available as from September/October. Only then will full details be known. On 26 July 2017, the Federal government reached an agreement on an important corporate tax reform, significantly reducing the corporate tax rate. More details will follow below.
OECD releases the draft contents of the 2017 update to the OECD Model Tax Convention
The OECD announced that earlier this week, on 11 July 2017, the OECD Committee on Fiscal Affairs released the draft contents of the 2017 update to the OECD Model Tax Convention (‘MTC’) prepared by the Committee’s Working Party 1. The draft contents of the 2017 update to the OECD MTC has not yet been approved by
2017 edition of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations
On 10 July 2017, the Organisation for Economic Cooperation and Development (OECD) announced that it released the 2017 edition of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (OECD TPG). The 2017 edition is a consolidated version of the various changes resulting from the OECD/G20 BEPS Project. In this respect, in particular the following
EU Parliament adopts resolution on public CbCR
In the fight to crack down on corporate tax avoidance, the European Parliament has voted in plenary that multinational companies should disclose tax information in each country they operate. Consequently, multinationals with a worldwide turnover of minimum EUR 750 million should publicly disclose how much tax they pay and where, including taxes paid outside the EU. Large firms
Uncertainty over Income Tax Treatments: IFRS
The IASB recently issued a new Interpretation on Uncertain Tax Treatments (IFRIC 23). In short, it is the IFRS equivalent of the US GAAP Interpretation, ASC 740 (formerly FIN 48). IFRIC 23 was ratified in the IASB meeting on 16-17 May 2017, and issued on 7 June 2017. It will be effective for annual reporting
