News from Panis

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.

Belgian government sentenced in HSBC case

Belgian government has been recently sentenced by Court in the HSBC case, for not making their information files available for viewing by the people who received a questionnaire from the tax authorities.

The time limit to answer the questionnaire remains 1 month, but the people must first get the opportunity to view their files.

During the coming weeks, the tax authorities will send new letters regarding this matter.

Meet Panis Dubai in Antwerp

Our partner from Panis Dubai will visit Antwerp to present some sessions about the start-up of a company in Dubai and other relevant information.

If you would like to attend these meetings, please contact Panis.

Compensation of receivables and payables occurs automatically

By civil law, the outstanding receivables and payables between two parties are compensated automatically to the extent of the smallest amount. Law considers payment as effective, even if there is no physical transfer of funds.

Compensation is not possible in the case that the accounts are pledged to banks or other third parties.

309% taxation on non-declared advantages in kind

If a manager/director or an employee uses a company car, mobile phone or other utilities from the company also privately, even if it is occasionally, the individual has to pay taxes for this use.

You have to inform Panis Human Resources department if you use company assets.

In case the advantage in kind is not declared or is only declared partly, the tax authorities will levy a tax of 309% on the non-declared amount.

Example: a manager uses a company car every day and the private use, which was not declared, is budgeted to 2.000 EUR per year.

Meal vouchers: the ultimate corporate advantage

Meal vouchers still remain the cheapest way to remunerate employees.

They are a corporate means of payment that can be used in food shops, restaurants and supermarkets. They are not considered as salary and are exempted from social security contributions and employee taxation, if certain conditions are met. Also independent managers or directors are allowed to receive meal vouchers.

Would you like to receive more on this topic, please feel free to contact Panis HR administration.

Tax authorities are investigating sales on the internet

Everyone who sells merchandise frequently on the internet, bears the risk that tax authorities will qualify such activities as a profession. Especially when the activities are in line with a profession carried out during daytime. Income resulting form these activities should be declared to the tax authorities and is taxable.

A private person who is occasionally selling a (second-hand) article, stays out of the investigation scope.

Cancellation banking secrecy

From the 1st of July 2011 onwards, tax authorities may request information about bank accounts from financial institutions, in case they have indications that a tax payer is evading taxes or if they suspect that a person's standard of living is not in accordance with the declared income. Before taking this action, the authorities must request the tax paper by registered mail to provide the required information spontaneously.

If the tax authorities receive an information request from a foreign State, they can request bank account details directly from financial institutions.

Bank facilities will become more expensive

To prevent a new financial crisis, the Basel III agreement stipulates that financial institutions have to raise their proper capital resources when granting a credit facility. The capital adequacy standard will increase during a first stage from 8 per cent till 10,50 per cent and will increase to maximum 13 per cent.