News from Panis

Reynders promotes customized rules for the diamond industry

Reynders pleit voor aangepaste regels voor diamant

De Antwerpse diamantsector heeft nood aan 'meer op maat gemaakte regels op het vlak van fiscaliteit en het sociaal statuut van de werknemers'. Dat heeft Didier Reynders (MR), de minister van Buitenlandse Zaken en vicepremier, gezegd bij een bezoek aan het Antwerp World Diamond Center (AWDC).

Delay in reimbursements of the 'Intern Compensatiefonds'

There will be a delay in the reimbursements of the 'Intern compensatiefonds' for the first quarter of 2013. This is due because of the fact that, although the budget and tariffs for 2013 were accepted, they are not ratified yet by the competent Minister.

Panis and Shah opens third Almas Tower office

Panis and Shah opens third Almas Tower office

Panis and Shah Associates, an accounting and advisory firm specialising in diamond industry consultancy services, opened its third office in Dubai’s Almas Tower on May 13, the Dubai Multi Commodities Centre (DMCC) announced recently.

DMCC Executive Chairman Ahmed </body></html>

Reporting of foreign bank accounts and life insurance policies in the personal tax return

Foreign bank accounts and certain life insurance policies (TAK21) have to be reported in the personal tax return.

The income of foreign accounts should also be reported.

To present a correct tax return on the one hand and avoid double taxation on the other hand, it is important to submit all bank statements reporting intrest and div.

Invoicing: mention two dates if delivery and invoicing occur on the same date?

In the beginning of 2013, new rules have been introduced with respect to the information to be mentioned on each invoice. The tax authorities clarified this information.

The invoice has to mention two dates explicitly: the date on which goods or services are delivered and the date of the invoice.

Easing of the separate tax assessment secret commission fees of 309%

Under the current legislation, a company which grants its staff or management a benefit in kind (such as the private use of the company car, the use of a house owned by the company, a trip offered by the company, ...) has to mention this on the payslip. If the benefit is not mentioned, the company risks a separate tax assessment secret commission fees of 309%

The future legislation will provide a new "legal" way out.

What are the criteria to be considered as a "Non-Resident in Belgium"?

Because we regularly get questions on how to obtain the status of "Non-Resident in Belgium" and there is often a wrong perception with respect hereto, we will explain in short the criteria which have to be met to be considered as a 'Non-Resident'.

If you are registered in the Belgian population register, first you have to cancel your registration. The registration in the population register is the first legal presumption of residency.

Do I have to cancel my registration as a Belgian resident to be shareholder and/or manager of a foreign company?

If you are shareholder and/or manager of a company abroad, you are not obliged to cancel your registration in the Belgian population register. You have to comply, inter alia, with the following conditions;

The foreign company should have the necessary substance:

1. the effective centre of management is abroad: the actual performance of the activity requires: an office, means of communication, computer  infrastructure, ... Based on income and costs, you can prove that there is an economic activity.

Panis news

Dear Entrepreneur,

The complete Panis Team wishes you and your staff members a happy and prosperous 2013.

Allow us to look back at last year...

2012 was a year in which our sector was severely hit by the crisis. The diamond market ended up in  a downward spiral as a result of financial uncertainty and the reduced consumer confidence that comes with it.

AML seminar

How to comply with the rules of International Organisations
banks, diamond bourses, RJC, De Beers and the Belgian Law?

Dear Customer,

The Ministry of Economy has informed us that as of 2013 effective controls will take place regarding the Anti Money Laundering Law.

These verifications will focus on the effective application of the anti money laundering procedures as applied by the diamond dealers.

The Ministry of Economy also informed us that the first aim of these controls is to stress the awareness of correctly applying the procedures, no