Update on list of non-compliant countries – circular letter published
On 26 January 2017, a circular letter has been published with respect to the updated list of non-compliant countries in light of the international standards regarding transparency and exchange of information. More in particular, five new jurisdictions (Guatemala, Marshall Islands, (the Federal States of) Micronesia, Panama and Trinidad & Tobago) have been added to the
Likelihood of US Tax Reform reaches new high
The results of the US elections in November caught many by surprise with unexpected outcomes. Few predicted Republican candidate Donald J. Trump would be elected to serve as the next President. Republicans also retained majorities in both the US Senate and US House of Representatives. Expectations were for a split government for another 4 years
Non-confidential version of the EC’s State aid opening decision in GDF Suez published
On 5 January 2017, the European Commission (“EC”) published its opening decision in the formal investigation into Luxembourg tax rulings obtained by entities of GDF Suez. The opening decision dated 19 September 2016 explains the reasons for the initiation of the formal investigation and the additional information requested from Luxembourg in order to reach a
Law implementing recovery procedure with regard to the Belgian excess profit provision adopted
Belgium has adopted on 22 December 2016 the law covering the implementation of the European Commission (‘EC’) decision of 11 January 2016 (‘Decision’) with regard to the Belgian excess profit provision based on Article 185 §2 of Belgian Income Tax Code 1992 (‘BITC’). The law, which has been drafted in cooperation and with the approval
Publication of Royal Decree dated 9 November 2016 on Belgian specialised real estate investment funds
PwC is pleased to inform you that the Royal Decree dated 9 November 2016 on Belgian specialised real estate investment funds (better known as “fonds d’investissement immobilier spécialisé” or FIIS / “gespecialiseerd vastgoedbeleggingsfonds” or GVBF) has been published in the Belgian Official Gazette of today, 18 November 2016. As you know, this new investment vehicle
European Commission proposes Corporate Tax Package
On 25 October 2016, the European Commission (EC) adopted yet another comprehensive tax package which consists of four new draft EU Directives on: a Common Corporate Tax Base (CCTB Directive) a Common Consolidated Corporate Tax Base (CCCTB Directive) hybrid mismatches with third countries double taxation dispute resolution mechanisms in the EU (Dispute Resolution Directive) In
Update on the special tax system for foreign executives in Belgium
Recently, there have been rumours about possible changes to the special tax system for foreign executives in Belgium, creating some uncertainty around it. From the privileged contacts PwC has with the tax authorities, it appears there is no intention to change the special tax system as such but rather that the Finance Cabinet is open
Summary of what has changed during the summer: newly-adopted tax measures
This summer, the Parliament adopted a range of new tax measures (more details below). Other measures are currently under review at the Chamber or pending before the State Council. More details on the new tax measures are announced on our website: Tax reform in Belgium. Patent income deduction The Act of 3 August 2016 providing
