Latest news & developments
One step closer to finalising the CBAM and the EU ETS revision
Last week, the European Parliament (EP) and the Council reached a provisional agreement on the Carbon Border Adjustment Mechanism (CBAM) on 13 December, and later on 17 December on the revision of the EU Emission Trading System (ETS). These agreements represent an important milestone in the extension of the EU carbon market and the implementation
Benefit in kind – Private use of a company car: updated formula for 2023
The Royal Decree implementing the new reference CO2 emission for calculating the taxable benefit in kind for the private use of a company car in the hands of company directors and employees has been published in the Official Gazette on 16 December 2022. For income year 2023, the following CO2 emission will be applied to
Formal adoption of the EU Directive on ensuring a global minimum level of taxation
What has happened? The EU Member States have reached an agreement to implement Pillar 2 to ensure a global minimum taxation for large groups. Political support is confirmed now that Pillar 2 has been enshrined legislatively in an EU Directive which was adopted unanimously by all EU Member States. The Directive should be implemented into
VAT in the Digital Age proposals
In response to the ever-increasing digitisation of the economy, on 8 December 2022 the European Commission published its long-awaited proposals to revamp the EU’s VAT system. The proposals have three main objectives: Modernising VAT reporting obligations, by introducing Digital Reporting Requirements, which will standardise the information that needs to be submitted by taxable persons on
The directive on pay transparency: what you need to know
The Pay Transparency Directive has been adopted by the European Council, but still needs to be voted on by the European Parliament. It aims to eliminate the gender pay gap by empowering workers to access the necessary information to assess whether they are paid in a non-discriminatory manner compared to other workers in the same
Hungary lifts veto on Pillar 2 – Council reaches unanimity
Last night the EU Council reached an agreement to implement Pillar 2 (press release) after Hungary dropped its veto on the matter. The next step is to start the written procedure and to publish the Pillar 2 Directive in the Official Journal of the EU. The envisaged timeline to implement Pillar 2 into domestic
Automation of statutory and tax reporting: the time to act is now
Are you dealing with statutory and tax reporting? Is your reporting spreadsheet-based, with many human interventions, causing mistakes or frustrations from time to time? Is your reporting due in a very short-timeframe, whilst you have no sufficient resources in your department to keep up with ever increasing finance and tax requirements? Then the time to
Selling your company with excess cash to a third party: be aware of possible taxation in the hands as a private shareholder/individual
When Belgian private individuals envisage selling shares in a cash-rich company, a buyer should review whether this cash would not give rise to potential tax issues for him. On 6 September 2022, the Court of Appeal of Antwerp confirmed the reclassification of capital gains on shares into taxable dividend income, based on the general anti-abuse
