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- 2. Technical notes
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08.03.2012 Ernst & Young 2
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 3. Speakers
Herwig Joosten
Matthias Franz Koen Cooreman
Ernst & Young
Partner, Tax Ernst & Young
Ernst & Young, Stuttgart Belgium
Managing Partner Tax
Executive Director Corporate Tax
Johan Bellens Stijn Vanoppen
Ernst & Young Ernst & Young
Executive Tax Director Human Capital FSO Tax Executive Director
08.03.2012 Ernst & Young 3
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 4. Agenda
1. Introduction
2. Notional interest deduction
3. Thin cap
4. Capital gains on shares (corporate income taxation)
5. General anti-abuse provision – Art. 344, §1 ITC 92
6. Pension taxation
7. Taxation of company cars
8. Withholding tax measures
9. Conclusion
08.03.2012 Ernst & Young 4
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 5. Introduction
Budget plan Di Rupo I partially put into legislation
► Law of 28 December 2011 containing miscellaneous provisions (Belgian
Official Gazette of 30 December 2011)
► Bill of second program law submitted to Parliament
► Still not all announced measures included
Budgetary exercise of EUR 11.3 billion
► Original hypothesis: economic growth of 0.8%
► Projected growth reduced to
► 0.1% (Federaal Planbureau/Bureau fédéral du Plan) in February 2012
► - 0,1% (IMF/EU Commission) in February 2012
► Need for additional EUR 1 to 2 billion
► New budget round started previous weekend
5
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- 6. Introduction
Tax measures: impact in 2012 (EUR 3,449 mio)
EUR (in mio) Percentage
Notional interest deduction 1,620 + 45.6%
Taxation of capital gains on shares 150 + 4.2%
Company car taxation 200 + 5.7%
Externalization pension provisions 55 + 1.6%
Stock options 20 + 0.5%
Benefit in kind housing, etc. 170 + 4.8%
WHT increase and solidarity levy 917 + 26.0%
Stock exchange tax 50 + 1.4%
VAT pay-TV 84 + 2.4%
VAT notaries and bailiffs 100 + 2.8%
Excises 158 + 4.5%
Related measures (combat fraud, …): EUR 3,220 mio (2012-2014)
6
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- 7. Corporate tax – Notional interest deduction
Adopted (applicable as from TY 2013)
► NID rate: reduction of cap to 3% (3.5% for SME) for 2012-2014
► As from 2015: NID rate will be determined by law
Still no draft text on
► Abolishment of NID carry-forward for future excess NID
► Limitation of deduction of existing stock excess NID (40/60-rule and
combination with 7-year limitation still to be determined)
Other news
► Reasoned opinion EU Commission regarding exclusion EU/EEA branch
equity and real estate from NID basis (26 January 2012)
► EU Commission: incompatible with freedom of establishment and EU free
movement of capital
► Belgium has 2 months to answer – probably negative answer
7
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- 8. Corporate tax – Thin capitalization
(new regime)
Modification still in the pipeline (applicability planned as from date of
publication): scope
► No longer limited to interest paid to beneficial owner, subject to no income tax
or a far more beneficial regime for interest income
► Also for intra-group loans (irrespective of tax treatment of interest at the level
of the beneficiary)
► Definition of group companies in accordance with Art. 11 Companies Code
► Connected companies (concept of control)
► Consortium (companies under central management)
↔ Initial version: (broader) BCC definition
► Excluded: loans contracted by
► Leasing companies under supervision of BNB/NBB and FSMA insofar the
loans relate to leasing activities
► Factoring companies under supervision of BNB/NBB and FSMA insofar the
loans relate to factoring activities
► Companies primarily active in the field of public-private cooperation
8
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 9. Corporate tax – Thin capitalization
(new regime)
Modification still in the pipeline: scope (cont’d)
► Change of thin cap ratio from 7:1 now to 5:1
► Debt
► All loans, with the exclusion of
► Bonds
► Other publicly issued borrowing instruments
► Loans granted by certain financial institutions (banks, insurance
companies and other types of financial institutions listed in Art. 56, §2,
2° ITC 92)
► Look at beneficial owner in case of indirect loans and guaranteed loans when
main aim of indirect loan/guarantee is tax avoidance
► Equity = fiscal equity
► The sum of the taxed reserves at the beginning of the accounting period and
the paid-in capital at the end of the accounting period
↔ Initial version: accounting equity
► Special provision neutralizing the decrease of taxed reserves in case of
parent-subsidiary restructurings (merger goodwill)
9
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 10. Corporate tax – Thin capitalization
(new regime)
Open questions - what about
► EU context ?
► Renting?
► FX intercompany loans that are potentially swapped?
► Trade debt?
Future of Belgium as location for financing centers?
► Future of cash pooling and intercompany factoring?
► No netting (no Dutch 10d-type rule – still very soft rule and relatively easy to
come by)
► Factoring/leasing exclusion: too restrictive scope of application
► No tax consolidation
► Lobbying (AmCham) in progress to
► Exclude bona fide intra-group finance companies
► Introduce netting (only on excess of loans-in vs. loans-out and interest-out vs.
interest-in)
10
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 11. Corporate tax – Thin capitalization
(new regime)
Risk of double taxation
► Article 55 ITC 92 (transfer pricing) continues to exist
► Article 54 ITC 92 continues to exist
► Reporting requirement for certain payments ≥ EUR 100,000 (Article 307, § 1
ITC 92)
► Pro rata temporis application (on a day-per-day basis?)
11
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- 12. Corporate tax – Capital gain on shares
Modification still in the pipeline (entry into application planned for TY 2013
and TY 2012 if accounting period not closed on date of publication)
► Taxation at 25% of capital gains on shares held for less than one year
(exception to principle of tax exemption of capital gains held for 1 year in full
ownership)
► Capital losses remain non-deductible
► To be assessed on a share-per-share basis
► Neutrality of tax-neutral restructurings for assessment holding period
requirement
► Special regime for shares in trade portfolio of financial institutions and certain
traders
► Taxation of capital gains – deductibility of capital losses (reference date: 31
December 2011)
► Special rules for transfers between portfolios
12
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 13. Corporate tax – Capital gain on shares
Company type Portfolio Taxation Holding Tax rate
requirement period
requirement
Financial institutions/ Trade - - 33.99%
Traders
Financial institutions/ Other X - 33.99%
Traders
Financial institutions/ Other X 25.75%
Traders
Financial institutions/ Other Exempt
Traders
Other companies N/A X - 33.99%
Other companies N/A X 25.75%
Other companies N/A Exempt
13
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 14. Corporate tax – Capital gain on shares
Open questions:
► Imputation of deductions and losses
► Different value in case of imputation on taxable capital gains on shares (at
25.75%) or normal taxable basis (at 33.99%/progressive rates for SME)
► Imputation at choice of taxpayer? Pro rata parte?
► Probably no impact on application of progressive corporate tax rates
14
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- 15. General anti-abuse provision
Art. 344, §1 ITC 92
Original provision adopted in 1993
► Recharacterization of transaction(s), when aim of legal characterization of
the parties opted for is tax avoidance
► Taxpayer may prove legitimate needs of a financial or economic nature for
the chosen legal characterization
► Limited application in practice due to strict legal approach adopted in case
law of Supreme Court : need for similar legal consequences (impossible for
one-step transactions and difficult for step-by-step transactions unless (near-
)simulation)
15
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 16. General anti-abuse provision
Art. 344, §1 ITC 92 - Modification
In the pipeline: modification of the general anti-abuse provision
► Abuse of tax law
► Avoidance of the application of provisions of ITC 92 or RD/ITC 92 (taxation vs.
tax benefit)
► Through legal and non-simulated legal acts
► Approximating to taxable acts vs. acts not benefiting from a tax benefit
► Not in line with the objectives of the tax provision
► Avoidance of Belgian income tax as sole material purpose
► Inspiration in ECJ case law – aimed at wholly artificial arrangements
► Not pursuant the economic goals of the tax provision; or
► Not pursuant the economic reality; or
► Not at normal economic or financial conditions
► Entry into application
► Tax year 2013
► Tax year 2012 if accounting period is not closed on date of publication
► Similar provisions for registration duties and inheritance tax
16
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- 17. General anti-abuse provision
Art. 344, §1 ITC 92 - Modification
Current provision New provision
Scope Legal act or legal acts establishing a Legal act or legal acts establishing a
same operation same operation
Burden of proof Tax avoidance Abuse of tax law (wholly artificial
tax authorities arrangements (inspired by ECJ case
law)): (non) application of provision,
contrary with its aim
Means of All, including presumptions but All, including presumptions but
evidence tax excluding oath excluding oath, based on objective
authorities circumstances
Counterproof Justified economic or financial needs Other specific and material objectives,
not limited to sphere of economic or
financial needs (ruling possible on
motives, not on procedure)
Inopposability Classification of legal act(s) Legal act(s)
Sanction Reclassification in an act with identical Repairment of tax base or calculation
or similar legal consequences as if there is no abuse
17
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 18. General anti-abuse provision
Art. 344, §1 ITC 92 – Potential examples
Letting - Subletting
► Ignoring subletting?
Reduction of paid-up capital
► Dividend distribution?
Liquidation of company followed by reincorporation
► Dividend distribution?
Back-to-back financing via Belco to avoid WHT
► Direct payment to ultimate economic lender with WHT?
Split acquisition of usufruct and ownership via management company?
Split sale transactions (long lease rights with option on naked ownership) to
avoid upfront registration duties?
18
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 19. General anti-abuse provision
Art. 344, §1 ITC 92 – Potential examples
► Sale of shares of a single residential real estate asset company? Step-up
for the purchaser?
► Recharacterisation of profit-participating loans as profit-sharing
certificates?
► Sale of shares in Opco by individuals to new Holdco for deferred
payment, followed by dividend distribution by Opco to Holdco?
► Sale of cash management company to a financial institution, followed by
liquidation?
► Contribution of share-bond portfolio by director/shareholder into fully-
owned EBVBA/SPRLU to avoid WHT?
19
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 20. General anti-abuse provision
Art. 344, §1 ITC 92
Potential issues
► Retroactive entry into application?
► Application possible over several years for step-by-step transactions in case
of “eenheid van opzet / unité d’intention”
Action points:
► Assess impact of extended reclassification possibilities on structures and
operations
► Consider potential planning before enactment and publication still
► Ernst & Young has dedicated a team of tax specialists to further analyze the
new provision and to follow-up on developments in its application
20
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 21. Corporate income tax - Pensions
Modification still in the pipeline: mandatory externalization of individual
pension promises (financing via internal provisions is no longer allowed)
► Initial plan:
► Existing internal provisions: externalization within three years
► Insurance premium tax
4.4% on new insurances
►
► 1.75% on externalization of existing internal pension provisions
► BUT: rumored agreement on
► Externalization requirement only for future – no externalization obligation for
existing pension provisions; and
► Tax of 1.75% on existing pension provisions, with possibility to spread over 3
years (at 0.6% per year)
► Tax of 4.4% on future contributions
► Date of entry into application unknown
21
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 22. Corporate income tax - Pensions
Modification still in the pipeline: adaptation of treatment of employers’
contributions (second pillar)
► Initial plan: Additional limitation of tax deductibility of complementary pension
contributions based on amount of pension payment upon retirement
► Currently: cap of 80% of last annual gross salary
► Introduction of an additional cap: pension of the highest public official (gross
EUR 72,480.72 per year or EUR 6,040.06 per month)
► BUT: rumored agreement on changes to initial plan
► No change to 80%-rule
► Social security contribution on employers’ contributions if the premiums paid
constitute a pension (legal and extra-legal pensions combined) which exceeds
the pension of the highest paid public official
► Date of entry into application unknown
22
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 23. Corporate income tax - Pensions
Action points / points of attention
► Follow-up on rumored changes to initial plans - Ernst & Young keeps
subscribers up-to-date on developments via Tax Alerts!
23
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- 24. Personal income tax - Pensions
Still in the pipeline: modification of treatment of payments and contributions
► Pension payments (second pillar): increase of tax rate on payments (part
relating to employer contributions)
► Current situation
► Payment at ages 60 to 64: 16.5%
► Payment at age 65: 10%
► New situation
Payment at age 60: 20%
►
► Payment at age 61: 18%
► Payment at age 62 to 64: 16.5%
► Payment at age 65: 10%
► Personal pension contributions (second and third pillar)
► Current situation: tax reduction at rate between 30% and 40%
► New situation: tax reduction at 30%
24
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- 25. Corporate and personal income tax
Company cars
Adopted (applicable as from 1 January 2012)
► New calculation formula for benefits in kind (BIK) for company cars (to be
amended)
► Deduction of lump sum commuting cost limited to amount of BIK
► Additional disallowed item related to company car costs (corporate and legal
entities taxation)
25
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 26. Corporate and personal income tax
Company cars
New calculation formula for BIK company cars
BIK = car list value x age correction x CO2 coefficient x 6/7
Law of 28 December 2011
► Car list value = amount invoiced, including VAT and options, but excluding
rebates and discounts
Modification in the pipeline: same car list value for all cars
► Car list value = car list price in case of sale of new car to an individual,
including VAT and options, but excluding rebates and discounts
26
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 27. Corporate and personal income tax
Company cars
Modification in the pipeline: age-correction : 6% per year– Age correction
up to a max. of 70% of list price
Number of months expired from Percentage of car list value to be
first registration date (month taken into account
started = full month)
From 0 to 12 months 100 %
From 13 to 24 months 94 %
From 25 to 36 months 88 %
From 37 to 48 months 82 %
From 49 to 60 months 76 %
As of 61 months 70 %
27
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 28. Corporate and personal income tax
Company cars
Car type Current BIK BIK new regime
(7,500 km) (year 1)
Audi A6 3,0 TDI EUR 2,397.75 *EUR 3,640.37
BMW X5 xDrive30D 245 EUR 3,363.75 EUR 7,380.21
Mercedes-Benz CLS 350 CDI I EUR 2,742.75 EUR 7,254.85
Mini One D EUR 1,707.75 **EUR 1,200.00
* See below
** Minimum BIK
► Example: Audi A6 Diesel
► List price: EUR 42,900
► CO2 level: 139 g/km
► CO2 coefficient: 5.5% + 4.4% = 9.9%
► BIK year 1: List price x CO2 coefficient x 6/7 = EUR 3,640.37
► [BIK year 2: List price x 94% x CO2 coefficient x 6/7 = EUR 3,421.95]
► [BIK > year 5: List price x 70% x CO2 coefficient x 6/7 = EUR 2,548.26]
28
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 29. Corporate and personal income tax
Company cars
FAQ on website tax authorities
► Pro rata temporis calculation on calendar day basis
► First day to be included, day of return of car excluded
► Pro rata applies in case
► Company car available during part of year
► Temporary car (“aanloopwagen / véhicule de transition”)
► Switching cars during the year
► Absence from work (e.g. illness) and car is to be returned to employer during
the period of absence
► No pro rata termporis reduction in case of
► Temporary unavailability of car (repair) / no impact of replacement car
► Normal absence from work (leave, sickness)
29
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 30. Corporate and personal income tax
Company cars
FAQ on website Tax Authorities
► Partial private use
► Rule: normal calculation if any private use
► Exception: social benefit in case of exceptional private use of a pool car (e.g.
exceptional family circumstance)
► Discounts
► Not to be deducted from car list value / calculation base
► Fleet discount/ free options / …
► FAQ: VAT on discount to be included in car list price
↔ Explanatory memorandum of pending modification: only include
VAT really paid (=> not VAT on discount)
► Options financed by employee
► Price of the options not to be included in the calculation base
► Irrespective of payment modality
► Payments by employee for repair/damages: not deductible
30
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- 31. Management Company Car Tool: Input (1)
31
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- 32. Management Company Car Tool : Output (1)
32
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- 33. Management Company Car Tool : input (2)
33
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- 34. Management Company Car Tool: output (2)
34
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- 35. Personal income tax – BIK housing/utilities
RD of 23 February 2012 (published on 28 February 2012)
► Increase of the BIK for heating from 1.640 to EUR 1,820 (indexed amounts)
for income year 2012
► Increase of the BIK for electricity from EUR 820 to EUR 910 (indexed
amounts) for income year 2012
► Increase of the BIK for free housing for house with a notional income (non-
indexed) exceeding EUR 745
► Currently: 100/60 x notional income x 2
► 2012 : 100/60 x notional income x 3.8
► Subject to indexation annually
Action points / points of attention
► Reconsider the remuneration package of employees/directors involved (e.g.
minimum salary threshold to benefit from the corporate income tax rate for
SME)
35
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 36. Withholding tax
Adopted (applicable to payments as from 1 January 2012)
► Increase of WHT rate on interest and reduced WHT rate on dividends to 21%
► Introduction of an additional “solidarity levy” of 4%
► New reporting requirements for withholding agents
Legislative amendments in the pipeline
► Practical aspects of the “solidarity levy” (reporting requirements, nature of the
levy, etc.)
Finance Minister: “Reform of WHT rules of Law of 28 December 2011 is still
possible”, referring to
► Return to system of anonymity and final character of WHT
► 25% WHT rate with reimbursement of 4% on EUR 20,020 of qualifying interest
and dividends upon request via the tax return
36
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 37. Withholding tax
Additional solidarity levy – What?
► Extra levy of 4% (no municipality surcharge)
► Applicable to the net amount of interest income and dividends exceeding EUR
20,020 (in 2012), excluding
► Dividends and interest payments subject to the 10 or 25% rate of WHT
► Interest paid on government debt securities issued and underwritten between
24 November 2011 and 2 December 2011; and
► Interest from qualifying savings accounts
► Ongoing lobby from financial sector for abolishment (application of 25% with
reimbursement of excess, cfr. previous slide)
37
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- 38. Withholding tax
Additional solidarity levy – How?
► Either to be levied at source
► Or via assessment (optional)
► At the request of the beneficiary
► Giving rise to reporting formalities of the relevant investment
income
38
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 39. Withholding tax
Additional solidarity levy – How?
► Levy at source: 4% on the entire amount
► Possibility to claim back excess via the tax return
► Character: not tantamount to a withholding tax
► Via a specific form (not WHT returns): still to be issued
► Extent to which existing rules regarding WHT apply: still uncertain!
► Legislative amendments in the pipeline
► Specific references to certain (sub-)sections of the ITC 92
► Sub-section relating to WHT exemptions (articles 264-266 ITC 92) is
explicitly set aside!
► Unwanted effect: does that mean that investment income subject to 0%
WHT (e.g. share redemption through stock exchange, dividends from
domestic REITs) will always be subject to the 4 % of additional
solidarity levy ??
39
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- 40. Withholding tax
Additional solidarity levy – Assessment through reporting
► Act of 28 December 2011: obligations on withholding agent
► The issuer in the case of Belgian sourced income (except for securities held in
the X/N system for which BNB is the WHT agent)
► First intermediary or subsequent financial institution for foreign sourced
income
► Problem: the beneficiary’s identity is unknown to withholding agent
► No election possible? Always via levy at source? At what rate?
► No solution yet
► Problem: withholding agent has not all info subject to reporting
► Legislative amendments in the pipeline
► Withholding agent for income from nominative securities
► Income arising from all other securities: reporting obligation shift to
paying agent
40
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- 41. Withholding tax
Additional solidarity levy – Reporting: to whom? What?
► To whom? Legislative amendment in the pipeline:
► Reporting to the competent department of the FOD/SPF Finance
► Instead of the National Bank
► Department independent from tax authorities (IT staff)
► Reporting of personal (beneficiary) and payment identification data
► What income?
► No reporting requirement for interest income/dividends on which the additional
solidarity levy was applied at source
► Legislative amendment in the pipeline: exception (reporting) if debtor
bears WHT
► Reporting requirement for all other interest and dividend income listed in article
17, §1, 1° and 2° ITC 92
► Reporting only in view of applying the additional solidarity levy/treshold
computation? Quid liquidation boni taxable @ 10%, government debt taxable
@ 15%?
41
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- 42. Withholding tax
Additional solidarity levy – Reporting to the tax authorities?
► Communication to the tax authorities FOD/SPF Finance
► Upon request:
► Only possible in respect of the solidarity levy (when the taxpayer requests a
refund of 4% levy)
► Not for other purposes, e.g. taxation based on “tekenen en indiciën van
gegoedheid / signes et indices d’aisance”
► Automatic communication
► Only if more than EUR 20,020 reported to the competent department of the
FOD/SPF Finance
► Practical aspects to be laid down in a Royal Decree
42
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- 43. Withholding tax – Examples
WHT rate Threshold Solidarity levy Reporting to
FOD/SPF
Dividends (strips) 21%
(unless 4%)
Dividends 25% X
(no strips)
Regulated 15% (exempt X
Interest savings up to EUR
accounts 1,830)
Interest 15% X X
government
bonds 24/11-
2/12/2011
Interest on debt 25% X
pre-1990
Other interest 21%
(unless 4%)
43
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- 44. Withholding tax – Examples
WHT rate Threshold Solidarity levy Reporting to
FOD/SPF
Dividends 21%
beveks/sicavs (unless 4%)
Dividends REITS 21%
(unless 4%)
Dividends 0% X ? ?
residential REITS
EU passported 21%
beveks/sicavs, (unless 4%)
> 40% debt
(accumulating)
44
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- 45. Withholding tax – Examples
WHT rate Threshold Solidarity levy Reporting to
FOD/SPF
Liquidation boni 10% X X
Redemption 21%
share buy-back (unless 4%)
Income listed in N/A X X X
Art. 21 ITC
Other movable 15% X X X
income
45
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- 46. Conclusion
What’s next?
► Second bill of program law submitted to Parliament (cf. supra)
► General anti-abuse measure (Art. 344, §1 ITC),
► Thin cap
► Modifications relating to solidarity levy
► Capital gains on shares (corporate income taxation)
► Company cars
► Legislation for remaining items to be drafted
► NID carry-forward
► Conversion of tax deductions into tax reductions (personal income tax)
► Pension taxation
► Measures relating to the combat of tax fraud
46
© 2012 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. All Rights Reserved.
- 47. Conclusion
What’s next? (cont’d)
► First and preliminary information budget round last weekend: new tax measures?
► Proposals shot down:
► VAT increase
► Minimum tax for companies
► Tax amnesty
► Pick-up of measures abandoned earlier (note Di Rupo)?
► Exclusion of mandatory equity from NID basis (minimum capital and legal
reserves)?
► Tax on airplane tickets (business and first class)?
► Increase of tax on liquidation boni?
► 2-year holding period requirement for participation exemption and
exemption of capital gains on shares in corporate tax?
► Taxation of capital gains on shares in personal income taxation?
► VAT for lawyers?
► Wealth tax?
47
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- 48. Ernst & Young will organize a follow-
up webcast or seminar in case of
further important developments – you
will receive an invitation in due time
- 50. Disclaimer
Improper use
► By nature, the information made available can neither be exhaustive nor tailored to the specific needs of
an individual case. It does not constitute advice, any other form of legally binding information or a legally
binding proposal on our part.
► This presentation reflects our interpretation of the applicable tax laws and regulations, the
corresponding court rulings and the official statements issued by the tax authorities.
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