News from Panis

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

Anti-Money Laundering seminar

With regards to the questions which have arisen concerning the seminary please find hereunder the answers.

The training of staff members concerning "Anti-Money Laundering" legislation is indeed one of the legal obligations of the companies subject to this law.
Moreover the participation of the staff members to the training has to be mentioned in the annually "Anti-Money Laundering" report.

Given the complexity of "Anti-Money Laundering" legislation PANIS will offer his clients, participating to this seminar, a free support for the legal reporting obligation

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.