Belgium updates list of tax havens

In two Royal Decrees dated 1 March 2016 (published in the Belgian State Gazettes of 10 and 11 March 2016), the Minister of Finance has updated the list of countries which are deemed to have an advantageous tax regime. The first list relates to the participation exemption, the basis for the Belgian holding company regime. One of the conditions for the participation exemption or dividend received deduction …

European Commission proposes harmonised matrimonial property regime

The European Commission has adopted proposals for a common property regime for international couples. These include two regulations, one that governs matrimonial property regimes for married couples and a second one that deals with property consequences of registered partnerships. The European Commission has found that 13 % of 2.4 million new marriages and 19 % of the 211,000 registered partnerships have an international dimension. The European Commission has been working on …

UK introduces “PSC Register”

From 6 April 2016, most UK companies and LLPs will be required to keep a “PSC Register” in which they list “People with Significant Control”, People with significant control are mostly individuals who have significant control over the company or LLP, because they directly or indirectly own more than 25% of the shares ; directly or indirectly hold more than 25% of the voting rights ; …

UK introduces “PSC Register”

From 6 April 2016, most UK companies and LLPs will be required to keep a “PSC Register” in which they list “People with Significant Control”, People with significant control are mostly individuals who have significant control over the company or LLP, because they directly or indirectly own more than 25% of the shares ; directly or indirectly hold more than 25% of the voting rights ; …

Switzerland, as a direct democracy, organises about five referendums every year.  On Sunday, Swiss voters have rejected proposals to restrict immigration and to abolish the favourable tax regime for wealthy foreigners living in Switzerland. The major issue in the referendum of 30 November was the initiative “Save Our Swiss Gold”, that would have obliged the government to increase its gold reserves, and to shore up …

Belgium adapts legislation to take account of personal and family circumstances

On 11 September 2015, the tax authorities published an addendum to Practice Note Ci.RH.331/575.420 (AOIF 8/2008) with respect to the granting of benefits linked to a taxpayer’s personal or family situation. The addendum is issued in response to a reasoned opinion issued by the European Commission on 16 July. The Commission asked Belgium to adapt its rules on tax benefits connected to the personal or family situation …

Belgium lists Luxembourg and Cyprus as tax havens …

… but says not to take it too seriously. The tax authorities have published an addendum to their practice note Ci.RH.421/607.890 (AAFisc nr. 64/2010) to comment on the list of states that have not effectively or substantially implemented the OECD exchange of information standard. Since 1 January 2010 Belgian companies and permanent establishments of foreign companies must report in their annual tax return all (direct …

Cayman Tax, continued

In two royal decrees dated 23 August 2015, the Minister of Finance announced the legal entities that are deemed to be legal arrangements that must be reported in the tax payer’s tax return if he is the founder, an heir of the founder or a beneficiary and on which he must pay tax. The first royal decree lists three legal entities within the European Economic …

The “Cayman Tax”, Fiscal transparency for trusts and other legal arrangements

The Program Law adopted by the House of Representatives on 24 July 2015, introduces a transparency tax or “look-through” tax for legal arrangements (trusts, foundations, offshore companies, …) set up by private individuals.   This Act should be published in the Belgian State Gazette in the coming week but it will apply retroactively from 1 January 2015. Background In the Belgian press, this tax is known …

Flanders reduces gift tax rate for real estate

The decree “regulations for the execution of the budgetary adjustment in 2015” of the Flemish Parliament was adopted on 3 July 2015 and published in the Belgian State Gazette of 15 July 2015. One of the salient decisions is a substantial reduction of the gift tax rates for real property. Inheritance Tax and Gift Tax in Belgium Belgian is a unique federal state with segregated …