Most recent news

Insurance Distribution Directive published in Official Journal of the EU

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution was published in the Official Journal on 2 February 2016. 1. In general The Directive (EU) 2016/97 Read more…

Marleen Mouton

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution was published in the Official Journal on 2 February 2016. 1. In general The Directive (EU) 2016/97 Read more…

IFRS 16 – Leases Standard

The International Accounting Standards Board (‘IASB’) announced a new leasing standard that will come into effect on 1 January 2019 (earlier application permitted for accounting periods ending on Read more…

Jorgen_Broothaers

The International Accounting Standards Board (‘IASB’) announced a new leasing standard that will come into effect on 1 January 2019 (earlier application permitted for accounting periods ending on Read more…

Meal vouchers and non-recurring collective bonuses – adjustment to maximum amounts

The Act of 6 December 2015 contained the following adjustments with respect to ‘meal vouchers’ and ‘non-recurrent collective bonuses’, applicable as from 1 January 2016.

nicolas-de-limbourg-author

The Act of 6 December 2015 contained the following adjustments with respect to ‘meal vouchers’ and ‘non-recurrent collective bonuses’, applicable as from 1 January 2016.

Enhanced transparency for multinational enterprises: Multilateral agreement enabling automatic sharing of Country-by-Country reports signed

31 countries signed the Multilateral Competent Authority Agreement (MCAA) on 28 January 2016, which will bring greater sharing of information in international tax matters. The MCCA Read more…

Jonas Van de Gucht - Director - PwC belgium

31 countries signed the Multilateral Competent Authority Agreement (MCAA) on 28 January 2016, which will bring greater sharing of information in international tax matters. The MCCA Read more…

Belgium – Reduced dividend withholding tax rate of 1.6995% for minority corporate shareholders

The Belgian withholding tax act has been recently modified as a result of the European ‘Tate & Lyle’ case. The new Act limits the withholding tax on dividends distributed to foreign minority corporate shareholders by Belgian companies to 1.6995% instead of 27%, if certain conditions are met. In 2012, the European Court of Justice ruled that the Belgian dividend […]

lieven-schoonjans-author

The Belgian withholding tax act has been recently modified as a result of the European ‘Tate & Lyle’ case. The new Act limits the withholding tax on dividends distributed to foreign minority corporate shareholders by Belgian companies to 1.6995% instead of 27%, if certain conditions are met. In 2012, the European Court of Justice ruled that the Belgian dividend […]

New draft legislation published on the status and supervision of insurance or reinsurance companies

This draft legislation proposes important new rules for reinsurance companies and fills certain gaps currently existing in the law. 1. Current legislation The legislation on insurance and reinsurance companies is currently split into two parts: the Act of 9 July 1975 on the control of insurance companies (the Insurance Act) and Read more…

Marleen Mouton

This draft legislation proposes important new rules for reinsurance companies and fills certain gaps currently existing in the law. 1. Current legislation The legislation on insurance and reinsurance companies is currently split into two parts: the Act of 9 July 1975 on the control of insurance companies (the Insurance Act) and Read more…

Belgian Net Asset Tax before the Court of Justice of the EU – AG’s Opinion released

According to the Advocate General’s opinion issued on 21 January 2016, the Belgian Net Asset Tax applied to foreign investment funds is compatible with European law. The Court of Justice of the Read more…

olivier-hermand-author

According to the Advocate General’s opinion issued on 21 January 2016, the Belgian Net Asset Tax applied to foreign investment funds is compatible with European law. The Court of Justice of the Read more…

Belgium – New flexible deadline for the first FATCA reporting

On 18 January 2016, the Belgian Federal Public Service of Finance (FPS Finance) announced that, following consultation with the financial sector, it will apply an administrative tolerance as regards Read more…

stephane_martin-150x150

On 18 January 2016, the Belgian Federal Public Service of Finance (FPS Finance) announced that, following consultation with the financial sector, it will apply an administrative tolerance as regards Read more…

Securities Financing Transactions Regulation enters into force

The new Regulation on transparency of Securities Financing Transactions (also known as SFTR) was published in the Official Journal of the EU on 23 December 2015 and entered into force on 12 Read more…

Marleen Mouton

The new Regulation on transparency of Securities Financing Transactions (also known as SFTR) was published in the Official Journal of the EU on 23 December 2015 and entered into force on 12 Read more…

Wage withholding tax scales as applicable for income year 2016

The Royal Decree of 16 December 2015 containing the Belgian wage withholding tax scales for income year 2016 was published in the Belgian Official Gazette of 21 December 2015. These annually updated Read more…

nicolas-de-limbourg-author

The Royal Decree of 16 December 2015 containing the Belgian wage withholding tax scales for income year 2016 was published in the Belgian Official Gazette of 21 December 2015. These annually updated Read more…

Adjustment with respect to the tax reduction for pension savings

A bill of law containing various provisions was recently submitted to Belgian Parliament. Amongst other measures this draft legislation contains a provision on the tax reduction for pension savings. In Read more…

nicolas-de-limbourg-author

A bill of law containing various provisions was recently submitted to Belgian Parliament. Amongst other measures this draft legislation contains a provision on the tax reduction for pension savings. In Read more…

Benefit in kind – Private use of a company car: Updated formula for 2016

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 Royal Decree Read more…

nicolas-de-limbourg-author

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 Royal Decree Read more…

Belgium to introduce a new capital gains tax

In the framework of the ‘Tax Shift’ agreement, the Belgian government announced a new speculative tax (or capital gains tax, below ‘CGT’). The bill of law on measures for strengthening job creation Read more…

olivier-hermand-author

In the framework of the ‘Tax Shift’ agreement, the Belgian government announced a new speculative tax (or capital gains tax, below ‘CGT’). The bill of law on measures for strengthening job creation Read more…

FATCA & CRS – Belgian bill – Flexible application of 10 days deadline

On 15 December 2015, the Belgian Federal Public Service of Finance (“FPS Finance”) issued a communication with respect Read more…

stephane_martin

On 15 December 2015, the Belgian Federal Public Service of Finance (“FPS Finance”) issued a communication with respect Read more…

FATCA & CRS – Belgian bill adopted

On 10 December 2015, the Belgian Parliament voted – in plenary session – the bill “on the communication of information relating to financial accounts, by Belgian financial institutions and the Read more…

stephane_martin

On 10 December 2015, the Belgian Parliament voted – in plenary session – the bill “on the communication of information relating to financial accounts, by Belgian financial institutions and the Read more…

Belgian Minister of Finance sheds light on implementation of BEPS related measures

The Belgian Minister of Finance has just shared new insights on how Belgium will be addressing the outcome of the OECD/G20 project in relation to Base Erosion and Profit Shifting (“BEPS”). He opted Read more…

patrick-boone-author

The Belgian Minister of Finance has just shared new insights on how Belgium will be addressing the outcome of the OECD/G20 project in relation to Base Erosion and Profit Shifting (“BEPS”). He opted Read more…

NBB publishes circular introducing governance manual for banking sector

Since the introduction of the new Banking Act[1], various governance rules have been updated and further detailed. The National Bank of Belgium published on 7 December 2015 Read more…

olivier-hermand-author

Since the introduction of the new Banking Act[1], various governance rules have been updated and further detailed. The National Bank of Belgium published on 7 December 2015 Read more…

Have you considered the VAT impact when dealing with Transactions?

In today’s tax world, considering VAT in a timely manner is key to limiting the negative impact it can have on your transaction budget. VAT on transactions can lead to either VAT savings or a VAT Read more…

christoph-zenner-author

In today’s tax world, considering VAT in a timely manner is key to limiting the negative impact it can have on your transaction budget. VAT on transactions can lead to either VAT savings or a VAT Read more…

Increase of purchasing power of employees for 2016 and 2017

We hereby inform you that the industrial partners have concluded a new sectoral agreement for Joint Committee (JC) 200 for the years 2016 and 2017. This JC replaces the previous JC 218 and is applicable Read more…

bart-elias-author

We hereby inform you that the industrial partners have concluded a new sectoral agreement for Joint Committee (JC) 200 for the years 2016 and 2017. This JC replaces the previous JC 218 and is applicable Read more…

New dispensation to calculate the days of presence of Belgian tax residents in Luxembourg

Just before the summer holidays, the Belgian tax authorities have published a Practice Note (Practice Note AGFisc No. 22/2015 (No. Ci.700.520) dated 1st June 2015) regarding the amicable agreement of Read more…

nicolas-de-limbourg-author

Just before the summer holidays, the Belgian tax authorities have published a Practice Note (Practice Note AGFisc No. 22/2015 (No. Ci.700.520) dated 1st June 2015) regarding the amicable agreement of Read more…

Progress regarding implementation of Single (work and residence) Permit Directive

The EU Single Permit Directive 2011/98/EU requires the member states to adopt a single combined work and residence permit application procedure, and it needed to be transposed into national Read more…

bart-elias-author

The EU Single Permit Directive 2011/98/EU requires the member states to adopt a single combined work and residence permit application procedure, and it needed to be transposed into national Read more…

Draft Program Act of 26 November 2015 – Tax measures

A draft Program Act has recently been submitted to Belgian Parliament, containing the following tax measures: When a former employee has entered into the system of unemployment with company surcharge Read more…

nicolas-de-limbourg-author

A draft Program Act has recently been submitted to Belgian Parliament, containing the following tax measures: When a former employee has entered into the system of unemployment with company surcharge Read more…

Lists of tax havens revised

On 27 November 2015 the Council of Ministers revised the lists of tax havens that apply for the purposes of the so-called dividends-received deduction (‘DRD’) and the reporting obligation for payments Read more…

philippe-vanclooster-author

On 27 November 2015 the Council of Ministers revised the lists of tax havens that apply for the purposes of the so-called dividends-received deduction (‘DRD’) and the reporting obligation for payments Read more…

End of year is approaching: rules of the game for gift vouchers

One option to reward employees in a tax-friendly manner at the end of this year is to provide them with a gift, i.e. gifts in kind or in cash, or vouchers for books, sporting and cultural events, movies Read more…

bart-elias-author

One option to reward employees in a tax-friendly manner at the end of this year is to provide them with a gift, i.e. gifts in kind or in cash, or vouchers for books, sporting and cultural events, movies Read more…

Single resolution fund on schedule for 1 January 2016

The EU’s single resolution mechanism will enter into force, as scheduled, on 1 January 2016. This signals completion of the second pillar of Europe’s banking union. As of 30 November 2015, a sufficient number of member states ratified an intergovernmental agreement (IGA) on the transfer and mutualisation of contributions to a single resolution Read more…

olivier-hermand-author

The EU’s single resolution mechanism will enter into force, as scheduled, on 1 January 2016. This signals completion of the second pillar of Europe’s banking union. As of 30 November 2015, a sufficient number of member states ratified an intergovernmental agreement (IGA) on the transfer and mutualisation of contributions to a single resolution Read more…

Financial Sector Contribution: (proposed) rates increases

On 26 November, the Belgian Government introduced a bill of law comprising, already, some changes to the brand-new Financial Sector Contribution (FSC) introduced by the Act of 10 August 2015. As a reminder Read more…

olivier-hermand-author

On 26 November, the Belgian Government introduced a bill of law comprising, already, some changes to the brand-new Financial Sector Contribution (FSC) introduced by the Act of 10 August 2015. As a reminder Read more…

Fund structuring – Impact of BEPS

One of the most important decision-making factors that an asset manager (General Partner – GP) considers in setting up a fund is to ensure that the investment structure is tax neutral for its Read more…

hughes-lamon-author

One of the most important decision-making factors that an asset manager (General Partner – GP) considers in setting up a fund is to ensure that the investment structure is tax neutral for its Read more…

European Parliament accepts possible delay MiFID II

In an official statement that was published by the European Parliament on Friday 27 November 2015, MiFID II Rapporteur Markus Ferber tentatively accepted a one-year delay of the implementation Read more…

geraldine-dargembeau

In an official statement that was published by the European Parliament on Friday 27 November 2015, MiFID II Rapporteur Markus Ferber tentatively accepted a one-year delay of the implementation Read more…

VAT on directors’ fees: application as from 1 April instead of 1 January 2016

The Belgian VAT authorities have decided to abolish the tolerance for companies acting as directors to carry out their services without charging VAT. In practice this means that a company will not be Read more…

christoph-zenner-author

The Belgian VAT authorities have decided to abolish the tolerance for companies acting as directors to carry out their services without charging VAT. In practice this means that a company will not be Read more…

Tax reform announced in the Flemish Region

Following the recent tax reform announcements in the Brussels Capital Region and Walloon Region, the Flemish Government has recently also announced a reform on the ‘tax reduction for mortgage Read more…

nicolas-de-limbourg-author

Following the recent tax reform announcements in the Brussels Capital Region and Walloon Region, the Flemish Government has recently also announced a reform on the ‘tax reduction for mortgage Read more…

Indexation of minimum required salary for work permit of highly-qualified and managerial employees

In order to obtain a Belgian work permit for individuals in the capacity of highly qualified or managerial employees, a specific minimum salary has to be observed, as provided under Belgian immigration Read more…

bart-elias-author

In order to obtain a Belgian work permit for individuals in the capacity of highly qualified or managerial employees, a specific minimum salary has to be observed, as provided under Belgian immigration Read more…

MiFID II implementation potential delay

In a speech to the EU Parliament, Steven Maijoor, Chairman of the ESMA, flagged that the current MiFID II timetable is “extremely tight” and delaying certain parts of it Read more…

geraldine-dargembeau

In a speech to the EU Parliament, Steven Maijoor, Chairman of the ESMA, flagged that the current MiFID II timetable is “extremely tight” and delaying certain parts of it Read more…

Sveda case: Can a Baltic mythology park trigger an important EUCJ judgment on VAT deduction ?

The EUCJ is sometimes taking key positions in an improbable context. This is such a case ! The VAT deduction on the construction of a Baltic mythology recreational park has been rejected, as the park Read more…

christoph-zenner-author

The EUCJ is sometimes taking key positions in an improbable context. This is such a case ! The VAT deduction on the construction of a Baltic mythology recreational park has been rejected, as the park Read more…

Management exit considerations: capital gains tax treatment

Retaining and incentivising the management of portfolio companies is key for private equity firms. Managers will thus invest alongside with investors and enter into some incentive arrangements. At a Read more…

hughes-lamon-author

Retaining and incentivising the management of portfolio companies is key for private equity firms. Managers will thus invest alongside with investors and enter into some incentive arrangements. At a Read more…

Uncertainty over Income Tax Treatments under IFRS

On 21 October 2015, the IFRS Interpretations Committee (‘IFRS IC’) published for public comment an Interpretation on how uncertainty over income tax treatments should affect the accounting for income Read more…

koen-de-grave-author

On 21 October 2015, the IFRS Interpretations Committee (‘IFRS IC’) published for public comment an Interpretation on how uncertainty over income tax treatments should affect the accounting for income Read more…

Luxembourg, Cyprus and Seychelles removed from OECD’s list of uncooperative tax havens

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 Read more…

philippe-vanclooster-author

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 Read more…

Brazil: Changes to calculation basis of net equity payments and to withholding tax on interest

Here’s a link to a Tax Newsalert with respect to Brazil Taxation you may find very interesting – link This ITS Newsalert reports on Provisional Measure 694/2015, which changes the calculation Read more…

jan

Here’s a link to a Tax Newsalert with respect to Brazil Taxation you may find very interesting – link This ITS Newsalert reports on Provisional Measure 694/2015, which changes the calculation Read more…

Tax reform announced in the Walloon Region

Recently, the Walloon Government announced a tax reform with respect to the “tax reduction for mortgage loans for the sole and own dwelling”. In this respect, a so-called system of “chèque habitat” Read more…

nicolas-de-limbourg-author

Recently, the Walloon Government announced a tax reform with respect to the “tax reduction for mortgage loans for the sole and own dwelling”. In this respect, a so-called system of “chèque habitat” Read more…

Update – Netherlands – Case law on the 150 km criterion of the 30% regime

As mentioned in our headline of 27 February 2015, the European Court of Justice (‘ECJ’) issued a preliminary ruling on the question whether the 150 km criterion of the 30% regime for incoming workers Read more…

nicolas-de-limbourg-author

As mentioned in our headline of 27 February 2015, the European Court of Justice (‘ECJ’) issued a preliminary ruling on the question whether the 150 km criterion of the 30% regime for incoming workers Read more…

Update – Case law on exemption method for foreign employment income incompatible with EU Law

As mentioned in our headline of 15 July 2014, the Belgian tax authorities published a practice note (updating their position on to the attribution of personal tax benefits) after Belgium was sentenced Read more…

nicolas-de-limbourg-author

As mentioned in our headline of 15 July 2014, the Belgian tax authorities published a practice note (updating their position on to the attribution of personal tax benefits) after Belgium was sentenced Read more…

EU Commission’s final decisions in Starbucks and Fiat state aid cases

On 21 October 2015, the European Commission decided that Luxembourg and the Netherlands have granted selective tax advantages to Fiat Finance and Trade and Starbucks, respectively. These are illegal Read more…

tom-wallyn

On 21 October 2015, the European Commission decided that Luxembourg and the Netherlands have granted selective tax advantages to Fiat Finance and Trade and Starbucks, respectively. These are illegal Read more…

Allocation of acquisition debt: economic rationale is key!

In today’s tax world, having a strong economic rationale to support an entity’s leverage is key. In our recent experience, the tax authorities look at a company’s gearing in 3 ways: Business purpose test: what is the motivation for each entity taking a loan? TP principles: Is the interest rate at arm’s length considering the […]

david-ledure2

In today’s tax world, having a strong economic rationale to support an entity’s leverage is key. In our recent experience, the tax authorities look at a company’s gearing in 3 ways: Business purpose test: what is the motivation for each entity taking a loan? TP principles: Is the interest rate at arm’s length considering the […]

Tax reform announced in the Brussels Region

The Brussels Capital Region has recently presented its budget for 2016. Amongst others, a tax reform was announced, which will be implemented partially in 2016 and partially in 2017. In 2016, the lump-sum Read more…

nicolas-de-limbourg-author

The Brussels Capital Region has recently presented its budget for 2016. Amongst others, a tax reform was announced, which will be implemented partially in 2016 and partially in 2017. In 2016, the lump-sum Read more…

FASB redeliberates two proposed Accounting Standards Updates

During the 5 October 2015 Board meeting, the Financial Accounting Standards Board (‘FASB’) discussed external feedback received and began redeliberations on two proposed ASU’s: Income Taxes (Topic 740): Intra-Entity Asset Transfers, and Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. In evaluating the Read more…

koen-de-grave-author

During the 5 October 2015 Board meeting, the Financial Accounting Standards Board (‘FASB’) discussed external feedback received and began redeliberations on two proposed ASU’s: Income Taxes (Topic 740): Intra-Entity Asset Transfers, and Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. In evaluating the Read more…

Aligning transfer pricing outcomes with value creation – Revised chapters I, II, VI and VII of the OECD Transfer Pricing Guidelines

On 5 October 2015, the OECD presented its final package of Base Erosion and Profit Shifting (BEPS) measures for a comprehensive, coherent, and co-ordinated reform of the international tax Read more…

patrick-boone-author

On 5 October 2015, the OECD presented its final package of Base Erosion and Profit Shifting (BEPS) measures for a comprehensive, coherent, and co-ordinated reform of the international tax Read more…

Agreement on automatic exchange of information within the EU

On 6 October  2015, the EU Finance Ministers reached political agreement in the Council to amend Directive 2011/16/EU on administrative cooperation in the field of taxation. The revised Read more…

patrick-boone-author

On 6 October  2015, the EU Finance Ministers reached political agreement in the Council to amend Directive 2011/16/EU on administrative cooperation in the field of taxation. The revised Read more…

New administrative VAT decision: Travel package and insurance services – Impact for Belgian lease industry

The Belgian VAT authorities have published a new administrative decision clarifying the VAT treatment of offerings by travel agencies consisting of both travel services and insurance services, based Read more…

christoph-zenner-author

The Belgian VAT authorities have published a new administrative decision clarifying the VAT treatment of offerings by travel agencies consisting of both travel services and insurance services, based Read more…

Belgium: new agreement on Tax Shift

On 10 October 2015, the Belgian federal government reached a new agreement on the so-called “tax shift”. The tax shift is the shift from tax on labour to other taxes. The objectives of the tax shift Read more…

philippe-vanclooster-author-150x150

On 10 October 2015, the Belgian federal government reached a new agreement on the so-called “tax shift”. The tax shift is the shift from tax on labour to other taxes. The objectives of the tax shift Read more…

Is your upper-tier structure BEPS-proof?

The OECD BEPS Action Plan and parallel developments impact each layer of a multinational structure, including the upper tier. Specifically, having insufficient relevant substance at upper tier level Read more…

hughes-lamon-author

The OECD BEPS Action Plan and parallel developments impact each layer of a multinational structure, including the upper tier. Specifically, having insufficient relevant substance at upper tier level Read more…

Automatic exchange of information of advance cross-border tax rulings from 1 January 2017

On 6 October 2015, the EU Finance Ministers reached political agreement in the Council to amend the existing Directive 2011/16/EU on administrative cooperation in the field of taxation (“the Directive”) Read more…

patrick-boone-author-150x150

On 6 October 2015, the EU Finance Ministers reached political agreement in the Council to amend the existing Directive 2011/16/EU on administrative cooperation in the field of taxation (“the Directive”) Read more…

OECD recommendations on BEPS proposals for G20 and wider take-up

On 5 October 2015, multinational enterprises (“MNEs”) received final recommendations from the OECD’s base erosion and profit shifting (“BEPS”) project. This week Read more…

patrick-boone-author

On 5 October 2015, multinational enterprises (“MNEs”) received final recommendations from the OECD’s base erosion and profit shifting (“BEPS”) project. This week Read more…

Global Tax Accounting Services Newsletter (July – September 2015)

The newsletter is to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing technical guidance on challenging tax accounting areas.

koen-de-grave-author

The newsletter is to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing technical guidance on challenging tax accounting areas.

Belgian withholding tax on interest income paid to foreign investment companies: exemption enlarged

Following an infringement procedure initiated by the European Commission several years ago, Belgium has finally amended its regulation regarding the perception of withholding tax on Belgian-source Read more…

olivier-hermand-author

Following an infringement procedure initiated by the European Commission several years ago, Belgium has finally amended its regulation regarding the perception of withholding tax on Belgian-source Read more…

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 Read more…

lieven-schoonjans-author

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 Read more…

ESMA readies MiFID II, MAR, and CSDR

ESMA published its final draft technical standards on some of the most important pieces of post-crisis financial regulation: MiFID II, MAR and CSDR. On 28 September 2015, the European Securities and Read more…

olivier-hermand-author

ESMA published its final draft technical standards on some of the most important pieces of post-crisis financial regulation: MiFID II, MAR and CSDR. On 28 September 2015, the European Securities and Read more…

Belgian Court of Appeal: substance is also key for VAT

In the case at hand, the Belgian Court of Appeal ruled that a Luxembourg transportation company had an establishment in Belgium for VAT purposes as the company was mostly operating Read more…

christoph-zenner-author

In the case at hand, the Belgian Court of Appeal ruled that a Luxembourg transportation company had an establishment in Belgium for VAT purposes as the company was mostly operating Read more…

Impact of BEPS on M&A – Why should we care?

The OECD’s Base Erosion and Profit Shifting project (BEPS) project is the answer of the G20 to the current public debate around the use of privileged regimes. It is meant to define rules Read more…

hughes-lamon-author

The OECD’s Base Erosion and Profit Shifting project (BEPS) project is the answer of the G20 to the current public debate around the use of privileged regimes. It is meant to define rules Read more…

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 Read more…

jan

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 Read more…

Final report on draft Implementing Technical Standards

ESMA has published its final report on draft Implementing Technical Standards on the procedures and forms for submitting information to ESMA by national competent authorities in relation to Read more…

olivier-hermand-author

ESMA has published its final report on draft Implementing Technical Standards on the procedures and forms for submitting information to ESMA by national competent authorities in relation to Read more…

Possible adjustment to the tax-free amount for tax equalisation for foreign executives

The Belgian tax authorities have recently introduced some changes to the so-called “technical note” detailing the calculation of the recurring tax-free allowances in the framework of the special Read more…

nicolas-de-limbourg-author

The Belgian tax authorities have recently introduced some changes to the so-called “technical note” detailing the calculation of the recurring tax-free allowances in the framework of the special Read more…

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 Read more…

philippe-vanclooster-author

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 Read more…

EU Commission released new VAT Gap Study – Belgian Gap in 2013 estimated at 10% or EUR 3.2 billion

On 4 September 2015, the European Commission released the latest figures on the so-called “VAT Gap”. The VAT Gap is an indicator of the effectiveness of VAT enforcement and compliance measures Read more…

Wouter-Villette-2

On 4 September 2015, the European Commission released the latest figures on the so-called “VAT Gap”. The VAT Gap is an indicator of the effectiveness of VAT enforcement and compliance measures Read more…

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 Read more…

philippe-vanclooster-author

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 Read more…

Cayman tax enacted – List of legal entities published

With the Program Law of 10 August 2015, the so-called “Cayman tax” has been implemented. Under this regime, certain legal constructions are treated as transparent for Belgian tax purposes, implying Read more…

tom-wallyn

With the Program Law of 10 August 2015, the so-called “Cayman tax” has been implemented. Under this regime, certain legal constructions are treated as transparent for Belgian tax purposes, implying Read more…

The OECD issues new guidance on automatic exchange of information

On 7 August 2015, the OECD released three reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information (CRS). The first report is a handbook for implementing CRS (CRS Read more…

stephane_martin

On 7 August 2015, the OECD released three reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information (CRS). The first report is a handbook for implementing CRS (CRS Read more…

OECD is heading toward consensus on interest limitation rules

The OECD and country representatives of the OECD Working Party 11 (‘WP11′) are likely to recommend in the BEPS action plan that local interest limitation rules should focus primarily Read more…

david-ledure2

The OECD and country representatives of the OECD Working Party 11 (‘WP11′) are likely to recommend in the BEPS action plan that local interest limitation rules should focus primarily Read more…

ESMA published advice on the extension of AIFMD passports to non-EU AIFMs and non-EU AIFs

ESMA has published its final opinion and advice on Article 67 (1) AIFMD i.e. on passporting of EU AIFMs and national private placement regimes, as well as on the extension of the AIFMD passport Read more…

olivier-hermand-author

ESMA has published its final opinion and advice on Article 67 (1) AIFMD i.e. on passporting of EU AIFMs and national private placement regimes, as well as on the extension of the AIFMD passport Read more…

Guidelines on financial instruments and related services to retail clients.

The Financial Services and Markets Authority has published a communication on the offer of certain financial institutions’ financing instruments and the provision of services related to such Read more…

olivier-hermand-author

The Financial Services and Markets Authority has published a communication on the offer of certain financial institutions’ financing instruments and the provision of services related to such Read more…

Publication of updated Q&A on AIFMD.

The European Securities and Markets Authority has published an updated Q&A on the application of AIFMD. On 21 July 2015, the European Securities and Markets Authority (ESMA Read more…

olivier-hermand-author

The European Securities and Markets Authority has published an updated Q&A on the application of AIFMD. On 21 July 2015, the European Securities and Markets Authority (ESMA Read more…

Delay in ESMA’s opinion and advice on Article 67 (1) AIFMD.

ESMA has announced that its final opinion and advice on passporting of EU AIFMs and national private placement regimes, as well as on the extension of the AIFMD passport to non-EU AIFMs and Read more…

olivier-hermand-author

ESMA has announced that its final opinion and advice on passporting of EU AIFMs and national private placement regimes, as well as on the extension of the AIFMD passport to non-EU AIFMs and Read more…

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 Read more…

philippe-vanclooster-author

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 Read more…

What does today’s Belgian budget and tax-shift agreement mean?

What does today’s Belgian budget and tax-shift agreement mean? Today, the Belgian government announced various tax measures of particular interest for the real estate and financial sectors. The new measures include a new regime for institutional real estate funds Read more…

00006974

What does today’s Belgian budget and tax-shift agreement mean? Today, the Belgian government announced various tax measures of particular interest for the real estate and financial sectors. The new measures include a new regime for institutional real estate funds Read more…

Dutch Supreme Court rules that Luxembourg SICAV is not entitled to a refund of Dutch dividend withholding tax

On 10 July 2015, the Dutch Supreme Court ruled that a Luxembourg SICAV is not comparable to a Dutch Fiscal Investment Institution (“FBI”). Therefore, the SICAV is not entitled to Read more…

olivier-hermand-author

On 10 July 2015, the Dutch Supreme Court ruled that a Luxembourg SICAV is not comparable to a Dutch Fiscal Investment Institution (“FBI”). Therefore, the SICAV is not entitled to Read more…

OECD Public Consultation on BEPS Actions 8 through 10 reveals planned revisions to transfer pricing drafts

During the July 6-7, 2015 public consultation on BEPS Actions 8 through 10, the OECD Working Party 6 announced planned revisions to its proposed changes to the Transfer Pricing Guidelines Read more…

isabel-verlinden-author

During the July 6-7, 2015 public consultation on BEPS Actions 8 through 10, the OECD Working Party 6 announced planned revisions to its proposed changes to the Transfer Pricing Guidelines Read more…

Federal Public Department Finance launches new centres for ‘large companies’

‘Large companies’ The Belgian government has changed the way tax audits and dispute resolution for large companies are being organised. More in particular, 7 new centres for ‘large companies’ Read more…

philippe-vanclooster-author

‘Large companies’ The Belgian government has changed the way tax audits and dispute resolution for large companies are being organised. More in particular, 7 new centres for ‘large companies’ Read more…

Global Tax Accounting Services Newsletter (April – June 2015)

This release is designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing some technical guidance on challenging tax accounting Read more…

koen-de-grave-author

This release is designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing some technical guidance on challenging tax accounting Read more…

Non-Resident companies must file Belgian non-resident tax return electronically

As of assessment year 2015 the non-resident corporate income tax return must also be filed electronically in Belgium (BizTax application). The due date for the filing is set at 30 September Read more…

philippe-vanclooster-author

As of assessment year 2015 the non-resident corporate income tax return must also be filed electronically in Belgium (BizTax application). The due date for the filing is set at 30 September Read more…

Draft Program Act now includes the Financial Sector Contribution to State revenue

On 30 June 2015, the Finance and Budget Commission approved a draft Program Act now including the so-called Financial Sector Contribution (FSC) by which banks and insurance companies should bear an Read more…

olivier-hermand-author

On 30 June 2015, the Finance and Budget Commission approved a draft Program Act now including the so-called Financial Sector Contribution (FSC) by which banks and insurance companies should bear an Read more…

Q&A on financial planning published by FSMA

The FSMA has published a Q&A on financial planning in Belgium.  Since 1 November 2014 and the entry into force of the law of 25 April 2014 on the status and supervision of independent financial Read more…

olivier-hermand-author

The FSMA has published a Q&A on financial planning in Belgium.  Since 1 November 2014 and the entry into force of the law of 25 April 2014 on the status and supervision of independent financial Read more…

New lump-sum amount for reimbursement of business use of private car

Employees using a privately-owned car for business purposes can now be reimbursed a lump-sum amount of EUR 0.3412 per kilometre. Costs that an employee incurs when using a privately-owned car for business Read more…

nicolas-de-limbourg-author

Employees using a privately-owned car for business purposes can now be reimbursed a lump-sum amount of EUR 0.3412 per kilometre. Costs that an employee incurs when using a privately-owned car for business Read more…

VAT: for B2B situations the former tax point rules will be reinstated for advance invoicing!

Upon proposal of the Finance Cabinet, the Council of Ministers has approved a draft bill that reinstates the issuance of an advance invoice in B2B situations; this causes the VAT to become Read more…

christoph-zenner-author

Upon proposal of the Finance Cabinet, the Council of Ministers has approved a draft bill that reinstates the issuance of an advance invoice in B2B situations; this causes the VAT to become Read more…

Skandia case: upcoming law formally confirms position of Belgian VAT authorities

Belgium has taken steps to respond to the outcome of the Skandia America Corp court case (C-7/13 of 17 September 2014). Indeed, the Belgian cabinet council has recently approved a draft proposal Read more…

christoph-zenner-author

Belgium has taken steps to respond to the outcome of the Skandia America Corp court case (C-7/13 of 17 September 2014). Indeed, the Belgian cabinet council has recently approved a draft proposal Read more…

OECD releases model documents for implementing BEPS country-by-country reporting

On 8 June 2015, the OECD released a “Country-by-Country Reporting Implementation Package”. The package includes model legislation the OECD suggests could be used by countries Read more…

patrick-boone-author

On 8 June 2015, the OECD released a “Country-by-Country Reporting Implementation Package”. The package includes model legislation the OECD suggests could be used by countries Read more…

Transversal Royal Decree postponed

On 10 June 2015, the Royal Decree of 2 June 2015 (Royal Decree 2015) amending the Royal Decree of 25 April 2014 imposing certain information requirements for financial products Read more…

olivier-hermand-author

On 10 June 2015, the Royal Decree of 2 June 2015 (Royal Decree 2015) amending the Royal Decree of 25 April 2014 imposing certain information requirements for financial products Read more…

OECD Discussion Draft on transfer pricing aspects of hard-to-value intangibles published

The OECD has published a discussion draft on the arm’s length pricing of intangibles when valuation is highly uncertain at the time of the transaction or the intangibles are Read more…

patrick-boone-author

The OECD has published a discussion draft on the arm’s length pricing of intangibles when valuation is highly uncertain at the time of the transaction or the intangibles are Read more…

European Commission takes the next step in its EU-wide State aid review of tax ruling practices

On 8 June 2015, the European Commission announced its next steps in its EU-wide State aid review of Member States’ tax ruling practices. The European Commission states in its press release that Read more…

philippe-vanclooster-author

On 8 June 2015, the European Commission announced its next steps in its EU-wide State aid review of Member States’ tax ruling practices. The European Commission states in its press release that Read more…

Meal vouchers and non-recurring collective bonuses – Adjustment of maximum amounts

The Council of Ministers has introduced a draft bill in Parliament. This draft legislation envisages two specific measures with respect to ‘meal vouchers’ and ‘non-recurring bonuses’, which Read more…

nicolas-de-limbourg-author

The Council of Ministers has introduced a draft bill in Parliament. This draft legislation envisages two specific measures with respect to ‘meal vouchers’ and ‘non-recurring bonuses’, which Read more…

European Commission publishes decision to investigate the Belgian excess profit provision

The non-confidential version of the European Commission’s opening decision announcing the formal investigation into the Belgian Excess Profit provision embodied in Read more…

philippe-vanclooster-author

The non-confidential version of the European Commission’s opening decision announcing the formal investigation into the Belgian Excess Profit provision embodied in Read more…

FAQs and administrative guidelines on the partial exemption from the wage withholding tax in the framework of R&D

A partial exemption from the wage withholding tax for qualified researchers carrying out research and development activities is provided. In practice, there was a discussion about the conditions Read more…

nicolas-de-limbourg-author

A partial exemption from the wage withholding tax for qualified researchers carrying out research and development activities is provided. In practice, there was a discussion about the conditions Read more…

Helping in the fight against tax evasion – draft bill approved

The Council of Ministers has approved a draft bill that enables Belgian Financial Institutions to automatically provide financial account information of foreign clients to the Federal Public Service Read more…

olivier-hermand-author

The Council of Ministers has approved a draft bill that enables Belgian Financial Institutions to automatically provide financial account information of foreign clients to the Federal Public Service Read more…

Capital gains on shares of investment companies

Capital gains on shares of investment companies: capitalising shares v. distributing shares (SICAV-RDT/DBI-BEVEK) Judgment of the Constitutional Court of 28 May 2015 (ref. 75/2015) At issue The question relating to Articles 192 and 203 of the Income Tax Code of 1992 (ITC 92) raised by the Court of First Instance of Brussels. The question reads […]

olivier-hermand-author

Capital gains on shares of investment companies: capitalising shares v. distributing shares (SICAV-RDT/DBI-BEVEK) Judgment of the Constitutional Court of 28 May 2015 (ref. 75/2015) At issue The question relating to Articles 192 and 203 of the Income Tax Code of 1992 (ITC 92) raised by the Court of First Instance of Brussels. The question reads […]

Online reporting of foreign bank accounts now available

As communicated earlier, all tax residents of Belgium must now report their foreign bank accounts to the Central Contact Point (CCP) with the National Bank of Belgium. Since 26 May 2015, tax residents Read more…

nicolas-de-limbourg-author

As communicated earlier, all tax residents of Belgium must now report their foreign bank accounts to the Central Contact Point (CCP) with the National Bank of Belgium. Since 26 May 2015, tax residents Read more…

Revised OECD Discussion Draft on Treaty Abuse published

On Friday, 22 May 2015, the OECD issued a Revised Discussion Draft on BEPS Action 6: Prevention of Treaty Abuse (the RDD). The RDD includes a simplified Limitation on Benefits (LOB Read more…

Pascal Janssens

On Friday, 22 May 2015, the OECD issued a Revised Discussion Draft on BEPS Action 6: Prevention of Treaty Abuse (the RDD). The RDD includes a simplified Limitation on Benefits (LOB Read more…

Swiss Federal Supreme Court rules in Withholding Tax Case for Danish banks

The Swiss Federal Supreme Court has delivered two judgements regarding Swiss withholding tax refund cases for two Danish banks involved in derivative transactions over the dividend Read more…

olivier-hermand-author

The Swiss Federal Supreme Court has delivered two judgements regarding Swiss withholding tax refund cases for two Danish banks involved in derivative transactions over the dividend Read more…

Revised OECD Discussion Draft on permanent establishments – PwC Newsflash published

As mentioned in the news alert published on 18 May 2015, the OECD issued a revised discussion draft on preventing the artificial avoidance of permanent establishment (‘PE’) status under Action Read more…

Pascal Janssens

As mentioned in the news alert published on 18 May 2015, the OECD issued a revised discussion draft on preventing the artificial avoidance of permanent establishment (‘PE’) status under Action Read more…

Foreign bank accounts must be reported to Belgian National Bank

As from now all tax residents of Belgium must report their foreign bank accounts to the Central Contact Point (CCP) with the National Bank of Belgium. If you (or your dependent children) had a foreign Read more…

nicolas-de-limbourg-author

As from now all tax residents of Belgium must report their foreign bank accounts to the Central Contact Point (CCP) with the National Bank of Belgium. If you (or your dependent children) had a foreign Read more…

Revised OECD Discussion Draft on permanent establishments published

On 15 May 2015, the OECD issued a revised discussion draft on preventing the artificial avoidance of permanent establishment (‘PE’) status under Action 7 of the BEPS action plan. The proposals Read more…

Pascal Janssens

On 15 May 2015, the OECD issued a revised discussion draft on preventing the artificial avoidance of permanent establishment (‘PE’) status under Action 7 of the BEPS action plan. The proposals Read more…

Proposal to increase the maximum amount for non-recurring collective bonuses

On 6 March 2015, the Federal Council of Ministers approved a draft Royal Decree to increase the maximum (gross) amount of non-recurring collective bonuses from EUR 3,100.00 to EUR 3,169.00 as from 1 Read more…

nicolas-de-limbourg-author

On 6 March 2015, the Federal Council of Ministers approved a draft Royal Decree to increase the maximum (gross) amount of non-recurring collective bonuses from EUR 3,100.00 to EUR 3,169.00 as from 1 Read more…