News from Panis

Income from foreign trusts and foundations is liable to tax from 2014 onwards

The income from foreign trusts, foundations and other structures is liable to tax from 2014 onwards. The Royal Decree with respect hereto will be published in the near future.

Belgian residents who obtain income from certain tax vehicles with or without legal personality from countries where they are not subject to income tax or where they enjoy a very favourable tax regime shall pay taxes on this income.

The reserves built up in the past will also be liable to tax upon payment.

Administrative penalties for non-filing anti-money laundering report

Diamond dealers are obliged to file a yearly anti-money laundering law report.

Companies that have not yet filed the report with respect to the year 2012, are encouraged to do this immediately.

Panis has been informed that from next month onwards, the authorities will fine companies that have neglected to file their report.

Deadline to file your personal income tax return expires on the 16th of October

The ultimate date to file your personal income tax return with the tax authorities expires on the 16th of October.

Panis requests you to provide all necessary documents to your accounting professional in order to file a correct tax return.

Special attention should be paid to the income on capital, such as interests and dividends.

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.