Reform of the Overseas Social Security Office (OSSO)
General Principles The OSSO is a voluntary scheme guaranteed by the Belgian state that offers limited social security coverage to individuals working outside the European Economic Area. Participation in the General Scheme is the basis for affiliation and any entitlement to a retirement pension, holiday pay for pensioners, allowances in case of illness, maternity or
New rules on earning income after retirement enacted
The previously announced government measures to encourage people to work longer have recently been signed into law. The new regime relaxes the conditions on working while claiming a pension and also makes important changes to the existing system of pension bonuses. 1. Restrictions on earning income for pensioners over 65 who’ve worked for 42 years
Belgian Law not EU compliant in relation to Downward PE adjustment to the Notional Interest Deduction basis
Under the notional interest deduction (hereafter “NID”) regime, Belgium introduced a sui generis corporate tax deduction, i.e. Belgian corporate income taxpayers are for tax purposes allowed to claim a NID reflecting the economic cost of the use of capital, equal to the cost of long-term, risk-free financing. In practice, the NID is equal to the
New budget measures following agreement of 30 June 2013
On 30 June 2013, the Belgian government has reached an agreement on the budget 2013-2014. The most important new tax measures that are announced in this respect are as follows: “Fairness tax” A “fairness tax” will be introduced for companies not paying any income taxes (due to tax deductions) while they distribute dividends. The rate would be
Draft Program Law of 3 June 2013 –Tax Measures following Budget Control
As expected – further to the Budget Control of March 2013 – a draft Program Law has been filed this week with the Belgian Parliament. The draft bill contains several important tax measures, especially regarding the withholding tax on dividends and liquidation bonus, as well as regarding the registration duties levied upon constitution of long-lease
Savings Deposits: Belgium Sentenced by the Court of Justice
Interest arising from a regulated savings deposit up to an amount of EUR 1.250 per annum (read: EUR 1.880 for tax year 2014) is not considered as movable income subject to Belgian taxation provided amongst other conditions, that the interest is the result of a savings deposit held with a financial institution established in Belgium (Art.
Reform social security contributions of self-employed persons by 2015
Since 1967, social security contributions for self-employed persons are payable based on the income earned three years previously. Last week, Minister Laruelle announced the reform of this calculation method by 2015. 1. The current system In the current system, the contribution level for self-employed persons in the current year (N) is determined based on the
New Act on sanctions and measures against employers of third-country nationals staying in Belgium illegally
On 4 March 2013 the Act of 11 February 2013 relating thesanctions and measures against employers of third-country nationals staying in Belgium illegally will enter into force. 1 – Context The Act transposes the obligations incumbent on Belgium under European Directive 2009/52/EC of 18 June 2009 providing for minimum standards on sanctions and measures against
