Communication is key. Starting the conversation during your lifetime and making clear agreements with your heirs will in many cases mean that conflicts are avoided. In this article, we look at a number of tools for starting the conversation and documenting a number of agreements in a family context.
“Discover how to calculate the taxable benefit in kind (BIK) for company cars for the 2025 income year. Use our handy tool and understand the flat-rate valuation of your BIK.”
The importance of corporate compliance: peace of mind in a complex legal landscape
The invoice is the commercial document ‘par excellence’. It constitutes confirmation of the services rendered or goods delivered, for which payment must be made. It is very important to ensure that invoices are raised correctly, in terms of both content and form, not just to avoid penalties but above all to guarantee good commercial relations with the customer, seeing as the latter runs the greatest risk of losing entitlement to deduct VAT in the event of an irregular invoice.
One of the questions we have been asked most often since the introduction of the new Companies and Associations Code (hereinafter referred to as ‘CAC’) on 1 May 2019, is the matter of what corporate form it is most advisable to choose, that of Public Limited Company or Private Limited Company. In this article we shall endeavour to give a brief explanation of the remaining significant differences between the two legal forms.
As Belgian resident you are obliged to declare your worldwide income in your Belgian income tax return, which includes income from movable and immovable property, professional and other income. Therefore, Belgian and foreign real estate held by Belgian citizens is to be declared as income from immovable property in their personal income tax return. Only the residential property (‘family residence’) does not have to be declared.
On 11 March 2021, the Court of Justice released its decision in the Danske Bank case (C-812/19) concerning supplies of services from a head office of a company that was part of a VAT group in one EU member state to its branch in another member state.
At the start of the COVID-19 crisis, the federal and regional governments immediately implemented a number of tax (and other) measures. Those first measures were mainly focusing on preventing any cash flow problems for companies and for the self-employed. On the long term however, not only the (lack of) cash flow causes issues. The impact of the current crisis goes far beyond cash flow and it is certain that it will take several years before the impact of the economic crisis will be digested.
At the start of the COVID-19 crisis, the federal and regional governments immediately implemented a number of tax (and other) measures. Those first measures were mainly focusing on preventing any cash flow problems for companies and for the self-employed. On the long term however, not only the (lack of) cash flow causes issues. The impact of the current crisis goes far beyond cash flow and it is certain that it will take several years before the impact of the economic crisis will be digested.
The recent outbreak of the Covid-19 crisis may have a significant impact on the overall income tax situation of individuals, following a disruption in their working pattern. Measures taken by the different governments often oblige employees to work from home, which will impact the application of any tax treaty. As the measures taken by the Belgian government are evolving rapidly, we hereby provide you with an overview of the measures already adopted. We will then also reflect on the question of what the future will bring.
How do you prepare your business for Brexit? Stay informed about what changed on January 31, 2020, and what it means for you and your business.
At the start of the COVID-19 crisis, the federal and regional governments immediately implemented a number of tax (and other) measures. Those first measures were mainly focusing on preventing any cash flow problems for companies and for the self-employed. On the long term however, not only the (lack of) cash flow causes issues. The impact of the current crisis goes far beyond cash flow and it is certain that it will take several years before the impact of the economic crisis will be digested.
Employers will, most likely, make sure that employees can work from home. For employees working from home temporarily due to the Covid-19 crisis, a tax-free cost allowance can be paid in exemption from social security contributions. This allowance covers all kinds of small costs associated with home working. No specific home working agreement is required to pay it.
Given that the organization of physical meetings has become a challenge as a result of the current security measures taken by the National Security Council to combat the Covid-19 pandemic, some measures have been taken by the Minister of Justice to address this issue. The Proxy Decree of April 9, 2020 (Royal Decree No 4 of April 9, 2020 containing various provisions on co-ownership and company and association law in the context of the fight against the Covid-19 pandemic) temporarily introduces a number of flexibilities and options with the intention of giving legal persons the necessary flexibility while respecting the rights of shareholders. In the Royal Decree of April 28, 2020, it was decided to extend the time limits of the measures from May 3, 2020 to June 30, 2020.
As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.
How does the Covid-19 crisis challenge your transfer pricing policy? What actions should be taken “now” to limit transfer pricing liabilities over 2020?
In a short period of time COVID-19 has significantly changed everyone’s life. Given the scale of the current crisis, both the federal and regional governments have already taken numerous measures. Undoubtedly, questions will raise about the impact on inheritance and donation tax during these unprecedented times. We have aligned a few of these governmental measures as well as possible alternatives.
How a tax shelter investment can be a solution to anticipate the uncertain financial results of your company due to a negative impact of the Corona crisis and how such tax shelter investment can reduce the net cash flow impact of corporate tax prepayments?