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
What does today’s Belgian budget and tax-shift agreement mean?
What does today’s Belgian budget and tax-shift agreement mean? Today, the Belgian government announced various tax measures of particular interest for the real estate and financial sectors. The new measures include a new regime for institutional real estate funds, an increase of the normal withholding tax rate and taxation of short-term capital gains on listed
Existing split sale structures: ruling commission confirms possibility of re-constitution of full property
The ruling commission held a meeting a few days ago with the central tax administration to discuss the unwinding of existing split sale structures and to agree on a position regarding the potential reconstitution of full property without triggering 10% / 12,5% registration duties on the value of the full property. The ruling commission now
Court of Appeal: VAT reverse charge – Penalties
A recent court case of the Brussels Court of Appeal again shows how expensive it can be for businesses not to apply the reverse charge and thereby not self-account for the VAT due on incoming invoices. Indeed, the Court ruled that proportional penalties are applicable even in the case where the VAT was fully deductible
Non-application of NID to foreign permanent establishment and real estate
The Belgian tax authorities have recently issued a practice note with regard to the Belgian notional interest deduction (‘NID’) and the possibility for the taxpayer to file a tax claim or request an ex officio tax relief. Companies subject to Belgian (non-resident) corporate income tax may deduct a notional interest reflecting the economic cost of
