Amendment of AIFM Law in view of the implementation of a new real estate investment vehicle, the FIIS
On 20 July 2016, the Parliament voted on Program Act II modifying amongst others the Belgian Act of 19 April 2014 on alternative investment funds and their managers (AIFM Law). These modifications were necessary to enable the adoption of a new royal decree implementing a new regime for real estate investment funds referred to as “Fonds
Brexit: Financial Services Tax outlook
On Thursday 23 June 2016, a historic referendum on the UK’s membership of the EU was held, with the ‘Leave’ result announced the following day. The aftermath now requires careful consideration of the potential short and medium term scenarios the UK government could take in the following months and years and the potential effects each
New Belgian Real Estate Investment Fund (FIIS): draft legislation introduced in Parliament
The draft Program Act of 28 June 2016 contains several tax rules applicable to the existing Belgian Regulated Real Estate Company (RREC*) and the new Belgian Real Estate Investment Fund (FIIS**) and creates the legal basis for the Belgian government to issue decrees implementing the FIIS regime. Final legislation is expected to be published during
Anti-Tax Avoidance Directive: impacts on the real estate industry
EU countries reach political agreement on Anti-Tax Avoidance Directive: impacts on the real estate industry The EU-28 Finance Ministers reached political agreement on 21 June 2016 on the Council Directive laying down rules against tax avoidance practices that directly affect the functioning of the internal market (also known as ATAD). Ministers decided not to include
Former prohibition of exemption of withholding tax on dividends distributed by Belgian Regulated Real Estate Companies annulled by Constitutional Court
On 11 May 2016, the Belgian Constitutional Court annulled the former prohibition of exemption of withholding tax on dividends distributed by Belgian Regulated Real Estate Companies (RRECs) on the ground that it was discriminatory compared to dividends paid by Belgian Real Estate Investment Funds (REIFs). The Act of 12 May 2014, applicable as from 16
European Commission proposes an EU Directive on public Country-by-Country reporting
As already referred to in our newsflash of 13 April 2016, the European Commission has developed a proposal for a directive which, if approved by the European Parliament and Council of Ministers, will require public country-by-country reporting (CbCR) of tax and other financial data by large companies in the European Union (EU). The proposed directive will amend the existing
Belgium – budgetary control 2016: real estate measures
On 9 April 2016, the federal government reached an agreement on additional budgetary and recovery measures following the 2016 budgetary control exercise. It has been confirmed that measures will be taken to make the Belgian real estate market more attractive for foreign investors (as further explained in the parliamentary procedures leading to the Tax Shift Act
European Commission proposes Anti-Tax Avoidance Package
On 28 January 2016, the EU Commission presented its Anti-Tax Avoidance Package. The continuing political will to address tax avoidance may result in the 100% consensus required by EU Member States to effect the proposed tax changes. The EU-28 governments will have to decide if they are willing to go further than the G20/OECD BEPS
