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
Belgian Minister of Finance sheds light on implementation of BEPS related measures
The Belgian Minister of Finance has just shared new insights on how Belgium will be addressing the outcome of the OECD/G20 project in relation to Base Erosion and Profit Shifting (“BEPS”). He opted to do so via the “Plan to combat tax fraud”. The title of his policy note is misleading since the document covers,
Tax reform announced in the Flemish Region
Following the recent tax reform announcements in the Brussels Capital Region and Walloon Region, the Flemish Government has recently also announced a reform on the ‘tax reduction for mortgage loans concluded for the sole and own dwelling’. The changes envisaged will apply to mortgage loans concluded as of 2016. The condition of ‘sole’ dwelling will be abolished. Consequently,
Tax reform announced in the Walloon Region
Recently, the Walloon Government announced a tax reform with respect to the “tax reduction for mortgage loans for the sole and own dwelling”. In this respect, a so-called system of “chèque habitat” would be introduced. The tax reduction would be limited in time (for maximum 20 years) and depend on the net taxable income of
Tax reform announced in the Brussels Region
The Brussels Capital Region has recently presented its budget for 2016. Amongst others, a tax reform was announced, which will be implemented partially in 2016 and partially in 2017. In 2016, the lump-sum regional tax of EUR 89 and the additional levy of 1% on the federal personal income taxes will be abolished. Real estate
