For most companies, December is the last month of their financial year, which makes it the ideal time to reflect whether or not the company is in control of its tax and accounting obligations.
Things that cross our mind are, for example:
- a final possibility to make an advance tax payment in order to avoid a 1.69% tax surcharge. Such payment needs to be received by the competent authorities in their bank account by 22 December 2014;
- the impact of the fairness tax if a dividend has been (or will be) distributed during 2014 or will be distributed as part of the profit appropriation;
- the possibility to benefit from a number of tax incentives, such as the increased investment deduction or the tax credit available for certain R&D activities;
- the correct application of the so-called ‘catch-all’ clause for certain payments to certain countries (India, Ghana, Morocco, Tunisia etc.) and to non-treaty countries. It is possible that professional withholding tax has to be withheld on such payments. On top, qualifying payments have to be mentioned on fee forms 281.30;
- the preparation of the list of payments to so-called ‘tax haven’ countries;
- the timely reporting of group pension plans, company pension plans and internal individual pension promises in the Sigedis (DB2P) database to guarantee the future tax-deductibility of the premiums paid/the expenses incurred in this respect;
- the possibility that (part of) the interest expenses incurred will not be tax-deductible following the application of the thin capitalisation rules;
- the timely preparation and finalisation (including signature) of the certificates required to claim an exemption from Belgian withholding tax in the case of interest and royalties paid or attributed;
- the practical consequences of the modified (draft) legislation regarding fee forms 281.50 and the application of the related 309% secret commissions taxation.
We are quite certain that at least some of the above (and maybe other) points of attention will be relevant to your company.
Upon your request, we would be pleased to contact you in order to discuss any tax and/or accounting matters during a telephone conversation or an in-person meeting in the weeks to come.