On 30 October 2015, the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes (‘Global Forum’) announced that Cyprus, Luxembourg and the Seychelles are no longer deemed to be non-compliant with the OECD Exchange of Information standard and assigned a new overall rating of ‘Largely Compliant’, following significant changes to their legal
Payments to Cyprus and Luxembourg: subject to new reporting obligation, screen your existing structures
Payments by Belgian companies of over EUR 100K (in total) to recipients in Luxembourg and Cyprus must now be reported individually in a specific form to the tax authorities. If not, they risk being non-deductible for tax purposes. Besides the additional reporting effort that this entails, it also sheds light on those payments which are
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
Belgian requirements for payments to ‘tax havens’ As from 1 January 2010, companies subject to Belgian corporate income tax or Belgian non-resident corporate income tax are obliged to declare direct or indirect payments exceeding EUR 100,000 to recipients established in so-called ‘tax havens’. The reporting obligation applies to both cash payments and payments in kind.
Last week the Belgian parliament voted an amendment to the Belgian Income Tax Code with respect to the reporting obligation of foreign bank accounts by Belgian individuals at the central contact point (“centraal aanspreekpunt” in Dutch/”point de contact central” in French) of the Belgian National Bank. As from the first of November 2014 the Belgian
On 2 April 2014, a Royal Decree was published, listing up the legal constructions which are in scope of the recently introduced reporting requirement. The Act of Miscellaneous provisions of 30 July 2013 introduced a reporting obligation for legal constructions (trusts, foundations, partnerships, certain low-taxed entities, etc.) set-up by private persons. According to the Act,