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Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.

In the course of 2023, the European Mobility Directive was transposed into Belgian law. As a result of this transposition, a number of new restructuring methods were introduced, including the simplified sister merger, the main features of which are explained below.

The assessment system for legal structures was introduced in 2015. It soon acquired a nickname: the Cayman Tax. This new form of taxation was supposed to allow income of certain legal structures – such as trusts, foreign foundations and low-taxed foreign entities – to be subject to tax on the part of the Belgian founders. Over the years, these regulations have been through several thorough revisions. The House of Representatives recently approved a bill that once again sharpens the Cayman’s teeth. We briefly discuss the most important changes.

Until 1 January 2024, the erection of signboards in Flanders was still subject to rules dating from the 1930s and 1950s. As these rules were very outdated and not adapted to the various modern options, the Flemish Government definitively approved the Regional Publicity Regulation 2023 on 12 May 2023. This regulation has two substantive objectives: the promotion of good spatial planning and road safety. The regulation applies to all signboards put up from 1 January 2024 onwards. Existing signboards therefore remain subject to the old rules. What are the main changes under the new regulation? We will briefly go over them here.

As was the case last year, many VAT changes came into force on 1 January this year. One change in particular concerns the formalities for applying the VAT deduction scheme according to the general pro rata method. Since 1 January 2023, these formalities had already applied to the deduction method according to actual use. Mixed taxable persons applying the general pro rata deduction method are now also affected. This gives the VAT administration better insight into mixed taxable persons and their right to deduction, regardless of the method used.

When a car is provided by an employer to an employee or director and the beneficiary also uses the car for private purposes a taxable benefit in kind is generated. This benefit in kind is subject to withholding taxes. The taxable value of the benefit is added to the taxable remuneration, the total is subject to withholding taxes. Benefits in kind are normally taxed on their market value. With regard to company provided cars the value is determined on a lump sum basis.

Unfortunately, every company is confronted with outstanding customer receivables at year-end. Sometimes this is simply an oversight on the part of the customer, but it may relate to amounts whose collection is in doubt because the customer disputes the invoice or is experiencing financial problems. In the latter case, the question arises how and when you can reflect this loss in your bottom line.

Since 1 September 2023, stricter rules have applied to debt recovery, in order to protect consumers against unreasonably high interest rates and aggressive recovery practices. Companies with B2C activities therefore need to adapt their contractual conditions and recovery process to the new rules. We briefly list the changes.

From assessment year 2024 (income for 2023 or financial years ending 31.12.2023 or later), a new formality must be completed to maintain the tax-deductibility of rental charges. Rent on dwellings is no longer deductible.

For years the situation remained unchanged with regard to the annual tax to compensate for inheritance tax, better known as wealth tax. This form of wealth tax applies to international and domestic non-profit organisations (INPOs/NPOs) and private foundations. However, on 28 December 2023, a new law containing various tax provisions brought in changes, with various adjustments being made to the wealth tax. These modifications relate to aspects such as the taxable base, the rate, allowances and an exception for specific sectors. The changes have significant consequences for international and domestic non-profit associations and private foundations. To make the situation clearer, we briefly discuss the most important changes below.

The new regulations on the mandatory appointment of a confidant came into effect on 1 December 2023 .

Filip took over his family business Gilbert De Clercq. In ‘On a roll’, he explains how Grant Thornton helped him with the takeover and expansion of the company.

ESRS requires large companies to report on sustainability from 2024. Small and medium-sized businesses will follow later. How should you go about this?

A law was recently approved modifying the rules relating to the federal target group reduction for first recruitments from 2024. A target group reduction is a reduction in employer’s social security contributions. The restriction that has been introduced has two components.

Strong risk management increases the chance of a successful future for your company. A risk assessment is the foundation for this. But how exactly does it work?

As a result of digitisation, documents and contracts are increasingly being signed electronically. But what exactly is the legal status of these electronic signatures? Do they have the same value as the conventional pen-and-paper signature? In this contribution we take a look at the different types of electronic signature and their status in legal transactions.