Latest news & developments
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
PwC’s Brexit monitor
The referendum result on Brexit has not only led to economic and political uncertainty within the UK, but also on mainland Europe. The final impact of Brexit is yet unknown, but will certainly weigh down on our economy, business activity and financial markets. You may find the following PwC Brexit Monitor on the subject matter interesting.
VAT exemption for intra-Community supplies: Transport document can be replaced by destination document
In order to apply the VAT exemption for intra-Community supplies in Belgium (article 39bis of the Belgian VAT Code), Belgian VAT authorities require the supplier (amongst others) to obtain and keep a set of commercial documents that the goods have been transported from Belgium to another Member State. Suitable evidence includes contracts, purchase orders, transport
European Commission sets out next steps to boost tax transparency
On 5 July 2016, the European Commission (“Commission”) presented a Communication putting forward the priorities in their work towards a fairer, more transparent and more effective taxation system, together with a proposal to amend the Fourth Anti-Money Laundering Directive (“AMLD”). By means of these initiatives, the Commission wants to address the remaining gaps in the
Market Abuse Regulation has entered into force
As of 3 July 2016, the new Market Abuse Regulation (MAR) has entered into force in Belgium and across Europe. It repeals and replaces the existing regime of the Market Abuse Directive and its implementing legislation. The Market Abuse Regulation The new Regulation aims to update and strengthen the existing rules on market integrity and
Parliament has approved Belgian Transfer Pricing Documentation Requirements
On 29 June 2016, the Belgian Parliament adopted the ‘programme law’ (introduced on 2 June 2016) that contains the introduction into Belgian tax law of specific transfer pricing documentation requirements (published in the Belgian Official Gazette of 4 July 2016). These requirements are based on Action 13 of the OECD /G20 BEPS Project. See our post
New lump-sum amount for reimbursement of business use of private car
Employees using a privately-owned car for business purposes can now be reimbursed a lump-sum amount of EUR 0.3363 per kilometre. Costs that an employee incurs when using a privately-owned car for business purposes can be reimbursed by the employer free of income tax and exempt from social security contributions. Repayment can be made on a lump-sum basis, taking
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
