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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.

Personal tax is levied through withholding taxes; a final settlement then takes place on the basis of the assessment notice, which shows whether additional tax must be paid or a refund is due. Most taxpayers are aware of withholding tax, which is deducted from the taxable remuneration of employees and business managers by their employer (company). The amount deducted is in principle calculated on the basis of a Royal Decree. The deducted withholding tax is then offset in the personal tax assessment notice against the final tax due.

Close the Gap is the life’s work of Olivier Vanden Eynde. In ‘On a roll’ he explains how crucial audits were in the growth of his non-profit organisation. Watch the video!

With the end of the year in sight, the question often arises as to what to do with a business manager’s outstanding current account balance. We take a quick look at the consequences of a debit or credit balance.

In our video series ‘On a roll’ Kris Voet explains how CFO-as-a-service helps his business Fietsen Wildiers to grow in a volatile, competitive market.

Banks and financial institutions are changing their strategy and way of doing business to reflect the increasing impact of ESG on our society, business life and legislation. This trend results in part from a general social trend towards sustainability, with banks already paying attention to ESG – especially its environmental aspects – of their own accord. In addition, banks and financial institutions are also being forced to adjust their strategy by the European Central Bank (ECB) and the European Commission (EC), and this is having a powerful influence on banking strategy and banking activities. The Belgian government has also taken various initiatives to promote sustainability, such as the National Energy and Climate Plan and the National Pact for Strategic Investments.