Latest news & developments
Cayman Tax: applicable to privately managed funds
Yesterday, the Finance Minister clarified the scope of the Cayman tax with respect to funds. According to the Minister, the tax covers private, institutional and public funds, which are de facto privately managed. Besides, should it prove necessary to legislate further, that would be done quickly and efficiently, according to the Minister. The Cayman Tax
Enhanced transparency for multinational enterprises: 44 tax administrations agree on CbCR and CRS information sharing system
During the 10th meeting of the OECD Forum on Tax Administration (FTA), held on 11, 12 and 13 May 2016, the heads of 44 tax administrations came to an agreement on the creation of a system that will enable the effective and efficient sharing of data gathered from the automatic exchange of information under the
New single annual bank tax announced
On Friday the 13th, the Council of Ministers approved a draft bill of law establishing a new single annual bank tax replacing four different existing taxes, with a view to a better distribution of the tax burden between small and large banks. Overall, it leads to a tax increase of EUR 55 million. As a
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
Belgian Tax on Savings Income: Scope Enlarged
Last week, the Belgian tax authorities published a practice note enlarging the scope of application of the Belgian Tax on Savings Income (or “Reynders Tax”) so as to include new categories of funds. Capital Gains Tax. As is already known, the Belgian Tax on Savings Income (“BTS”), also referred to as the Reynders Tax, (the main provision of
The Belgian Supreme Court ruled that income derived from a received abnormal or gratuitous benefit constitutes a minimum tax base
If an intra-group transaction is considered as “abnormal or gratuitous” – i.e. not being arm’s length –, Belgian tax law prescribes a transfer pricing adjustment. An abnormal or gratuitous benefit received by a Belgian company from an affiliated enterprise cannot be offset against tax losses and other deductible items available to the Belgian company, such
Union Customs Code enters into force on 1 May 2016
On 1 May 2016, the Regulation (No 952/2013) of the European Parliament and of the Council of 9 October 2013 laying down the Unions Customs Code will enter into force. Apart from major changes to the Community Customs Code, the Regulation also confers powers on the Commission to adopt Delegated Acts in order to supplement certain
