News from Panis

Important message

The corporate tax declaration has to be filed at latest by the 27th September 2012. Panis insists you to file in time.

When the corporate tax declaration is filed late, the tax authorities will automatically tax your company by a lump-sum of 10% of the company's turnover.

This results into severe taxes and penalties.

Restart HSBC investigation

According to different newspapers the HSBC investigation, the so called  ‘Diamondgate’, has to be completely restarted from the very beginning.


Panis starts with a legal department

Due to the continuing complexity of the overall legislastion, PANIS has decided to start with a new legal department.

PANIS extends its advisory services with providing specialist legal advice to its clients and already engaged a new colleague with expertise to staff this department.

Clients may consult our legal department with respect to questions about amongst others tax-, corporate- and trade law, etc.

Cash withdrawals of salary prohibited in future

In its action plan against fraud, the Belgian Government wants to prohibit the cash payment of salaries in future.

There is yet no clarity when this new measure will enter into force.

Cash payments exceeding 5.000 EUR prohibited

By law of 29th March 2012 cash payments for goods and services are restricted to 5.000 EUR.
Violations to this law will have to be reported immediately to the Belgium Financial Intelligence Processing Unit.

It is the intention of the authorities to restrict cash payments to maximum 3.000 EUR as from 1st of January 2014.

Invalid intra community VAT numbers penalized

Belgian companies can realize intra community deliveries of goods and services without charging VAT to their clients.

New tax measure on the private use of company cars

Directors/managers and employees who use a company car for private purposes, have to pay taxes on the benefit in kind.

From now on, the valuation of the benefit in kind would be based on the catalogue price of the car multiplied by a CO2-coefficient and a ratio 6/7.

The catalogue price would be the invoice price including the price of all car options and VAT, without discount.

New tax measures from 1/01/2012 onwards

Various new tax measures will be introduced from 1st of January 2012 onwards.

Although they still have to be adopted by legislation and the application modalities and the final amounts still need to be fixed, Panis herewith wants to outline the proposed measures.


Withholding tax

Interest and dividend income, that is currently subject to a 15% withholding tax rate (e.g.

IMPORTANT NOTICE: Transformation of bearer shares into registered shares taxed from 1/1/2012 onwards

One of the very recent budget measures of the new government includes a tax which will be levied on the transformation of beares shares into registered shares.

As from 1/1/2012 onwards the tax will amount to 1% of the share value. In 2013 the levy will increase to 2%. Depending on the share value this could represent a considerable nominal amount.

Therefore, it can be advisable to transform the bearer shares into registered shares still in 2011.

Italian VAT numbers might not be valid

The Italian government has been reorganizing its internal VAT legislation. It cancelled some Italian VAT numbers retroactively. Also several Italian companies faced the cancellation of their VAT number without a prior notice from the tax authorities.

This situation might cause a problem to every company that is selling to Italian clients.

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