European Commission proposes Corporate Tax Package
On 25 October 2016, the European Commission (EC) adopted yet another comprehensive tax package which consists of four new draft EU Directives on: a Common Corporate Tax Base (CCTB Directive) a Common Consolidated Corporate Tax Base (CCCTB Directive) hybrid mismatches with third countries double taxation dispute resolution mechanisms in the EU (Dispute Resolution Directive) In
Budget 2017: New tax measures announced – Corporate tax reform reconfirmed but not yet decided
In the framework of the budget for 2017, the Federal Government reached an agreement on several tax measures. On 16 October 2016, during the policy statement, the Prime Minister announced what follows: The speculation tax for individuals on the transfer of quoted shares would be abolished as of 1 January 2017; Tax on stock exchange
Notional interest deduction rate for tax year 2018 is 0,237%
The Belgian NID rate for tax year 2018 (accounting years ending between 31 December 2017 and 30 December 2018, both dates included) would be 0,237%. For SMEs (Small and Medium-sized Enterprises), the NID rate would be 0,737% for tax year 2018. According to article 205quater, §2 of the Belgian Income Tax Code (“BITC”), the NID
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
Biztax filing deadline postponed to 7 October 2015
The Federal Public Department of Finance announced today that the deadline for filling tax returns via Biztax is postponed to 7 October 2015 due to IT problems. This extended deadline applies to tax returns that relate to: corporate income taxation (residents and non-residents); and legal entities income taxation. Initially, the deadline was set at 30 September 2015
Notional interest deduction rate for tax year 2017 is 1,131%
The Belgian NID rate for tax year 2017 (accounting years ending between 31 December 2016 and 30 December 2017, both dates included) would be 1,131%. For SMEs (Small and Medium-sized Enterprises), the NID rate would be 1,631% for tax year 2017. According to article 205quater, §2 of the Belgian Income Tax Code (“BITC”), the NID
Reporting obligation for payments to tax havens: impact for payments to Cyprus and Luxembourg
Companies subject to Belgian corporate income tax (residents or non-residents) have to declare direct or indirect payments exceeding EUR 100,000 to recipients established in ‘tax havens’. For these purposes, a tax haven is defined as a country: with no or low taxation (i.e. the nominal standard tax rate is less than 10%); that, for the
Belgium: agreement on tax shift
On 23 July 2015, the Belgian federal government reached an agreement on the so-called “tax shift”. The tax shift is mainly aimed at i) reducing the tax burden on labour, ii) improving the competitiveness of Belgian companies and iii) creating more jobs. It involves the introduction of a number of new tax measures that may impact
