News from Panis

New company law also applicable to existing companies

On 1 May 2019 the new company law entered into force.

The law was immediately applicable to companies founded after this date.

For companies existing before the aforementioned date, the measures became applicable as of 1 January 2020. Such companies will have to adjust their statutes to the new law before 1 January 2024 (by Notary deed).

Some provisions of the law are anyhow mandatory, having an immediate effect on your company. Panis highlights them below.

1. Corporate forms

Meet Panis Dubai in Antwerp

Our partner from Panis Dubai, Mr. Shah Hitesh will be in Antwerp the 3th, 4th and 5th of February 2020.
If you wish to meet Mr. Shah concerning the start-up of a company in Dubai or other relevant information, please contact Panis to arrange a meeting.


Nieuwe bewijsregels voor btw-vrijstelling bij intracommunautaire levering van diamanten vanaf 1 januari 2020

Op 1 januari 2020 zullen de voorwaarden om op btw-vrijstelling voor intracommunautaire leveringen beroep te kunnen doen worden aangepast. Dit heeft een impact op de documenten die aanvaard worden als bewijs van vervoer/verzending van diamanten naar een andere EU lidstaat. Lees hieronder wat er precies wijzigt en waarmee u rekening dient te houden als u diamanten naar een andere lidstaat vervoert of verzendt.

200.000 people received letters regarding foreign bank accounts from tax administration

Approximately 200.000 people have received a letter from the tax authorities stipulating that they did not declare their foreign bank accounts or life insurances in their income tax declaration for income year 2017. Also some Belgian tax residents who are active in the diamond industry have received this letter. The content of the letter stipulates that the recipient has to declare the required information as well as income received (e.g. interests or dividends,…) in their income tax statement of 2018.

Mention country of origin on your sales invoice

As from January 2019 additional information needs to be reported for the Intrastat declaration.

If you send goods to another country of the European Community, the origin of the goods must be reported.

You have to mention the country of origin on all your invoices for sales within the European Community. In case you do not know the origin of the goods, you must use the code “QU” on the sales invoice.

Christmas holidays

Our offices will be closed from December 24th 2018 until January 1st 2019. 

Panis will be back at your service on January 2nd 2019.

Partnership between Panis and accountant's office van Moppes

We are very pleased to announce that Panis entered into a partnership with accountant’s office van Moppes. In the near future, accountant’s office van Moppes will be integrated into the Panis group. With the partnership Panis group and accountant’s office van Moppes strengthen their position in the diamond market.

For existing clients of our offices not much will change. You can continue to count on the expertise of Tom Panis, Stefan De Clercq, Marcel van Moppes and their teams. 

Mention a retention of title clause on your invoice

With a retention of title clause it is contractually stipulated that ownership does not transfer from seller to buyer until the purchase price has been paid in full. Thus, the buyer will acquire ownership of goods when he made a payment in full.

A seller who mentions a retention of title clause on his invoice, has the right to recover his goods if the buyer fails to pay the price in full. The only condition is that the retention of title clause is stipulated in writing (or mentioned on the invoice) no later than the time of delivery of the goods.

Limitation on the deduction of interests

As from the 1st of January 2019 a company can only deduct net interest costs up to the highest of the 2 following thresholds: 3 million EUR, or, 30% of the earnings before interests, taxes, depreciations and amortizations (EBITDA). Net interest costs refer to the positive difference between paid - and received interests.

In case of Belgian group companies, the 3 million EUR threshold, the 30% EBITDA threshold and the net interest costs have to be calculated on consolidated basis.

Penalty for non-declaration of foreign bank accounts and life insurances

As a result of the international exchange of information, the tax authorities can trace more easily tax payers who did not declare foreign bank accounts and/or foreign life insurances.

People who did not declare their foreign bank accounts and/or foreign life insurances, may face a penalty of 50 EUR.

The foreign income will be taxed according to the applicable tax regime and, on top of this, a tax increase will be applied.

The tax authorities may also use the gathered information for further investigation.