EC to open investigation on Belgium’s system of support for innovative companies
On 4 December 2013, the European Commission announced that it had opened an in-depth investigation with regard to the compatibility of Belgium’s system of support for innovative companies with State aid rules under the Treaty on the Functioning of the EU (TFEU). In 2006, the European Commission approved a scheme that exempted certain innovative companies
EC proposed amendment of the Parent-Subsidiary Directive
On 25 November 2013, the European Commission (hereafter: EC) proposed amendments to the Parent Subsidiary Directive (2011/96/EU; hereafter: PSD) in the context of the fight against tax fraud and evasion and aggressive tax planning/BEPS in the EU. The proposal seeks to tackle hybrid financial mismatches within the scope of application of the PSD and to introduce a general
EU automatic exchange of information
The Feasibility Study on a simplified Relief at Source System: Purpose and Context PwC has been appointed in 2011 to carry out a feasibility study on a simplified relief at source system, implementing the principles of the European Commission’s FISCO Recommendation (C(2009)7924 of 19 October 2009). The FISCO Recommendation suggests to the Member States (MSs)
EU FTT – Will the Commission’s proposal survive?
There continues to be much press coverage around the EU Financial Transaction Tax (“EU FTT”). There has been speculation that the draft Directive issued earlier this year will be considerably diluted and that the eleven countries within the Enhanced Cooperation Procedure are struggling to reach consensus. Notably, there was no mention of the EU FTT
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
Regulation (EC) no 883/2004 has become applicable to Croatia
Since 1 July 2013, Croatia is a member of the European Union. Accordingly, the provisions of Regulation (EC) no 883/2004 of 29 April 2004 on the coordination of social security systems have become applicable to Croatia. In addition, Regulations (EC) no 987/2009 (application regulation), no 1231/2010 (extension to third country nationals) and no 465/2012 (amendments)
The conquest of English in the work place?
In a judgement handed down on 16 April 2013, the European Court of Justice stated that the Flemish Decree on Use of Languages infringes the free movement of workers. According to this judgement, Belgium cannot stipulate that, in a cross-border employment situation, the related acts and documents are only valid in the Flemish region when
EU Commission adopts its new proposal for an EU Financial Transaction Tax: further details
On 14 February 2013 the European Commission has presented its “new” draft proposal for a Council Directive implementing a financial transaction tax (FTT) in 11 countries. The draft is largely the same as the original proposal released in September 2011 but contains some important changes. The draft Directive continues to have a very broad scope
