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. We do hope the situation will change in 2013 and the diamond sector will evolve towards a revival.

During the past year we have strengthened the ties with our Dubai office which resulted in a considerable increase in the number of clients. As a result of this the Dubai team will soon move to more spacious offices in the Almaz Tower in order to be able to offer its clients the service level they are entitled to.

Finally, the training sessions on anti money laundering legislation we organised in our Antwerp Office were an overwhelming sucess. At the request of several of our clients we will soon organise new sessions. We will also provide new courses for our clients and their staff members to help them improve corporate administration and organisation. We will inform you as soon as possible of the precise dates of these new courses.

2013 is also characterised by new regulations regarding bookkeeping and tax administration. Please find a few important elements below.

New regulations regarding invoicing

From 1 January 2013 VAT legislation will change regarding the invoicing of goods and services. We advise diamond traders to strictly follow the following rules:

1) Besides the date of invoicing, the delivery date must be indicated on the invoice, even if both dates are identical.
2) The vendor must draw up an invoice at the latest on the 15th calendar day of the month following the month during which delivery took place.

Soon audits will be held on the implementation of anti-money-laundering

Panis has it from a reliable source that soon diamond merchants will be subjected to audits in compliance with the anti-money-laundering legislation.

Every diamond trader must file an annual activity report. The authorities will soon start audits to verify whether the statements in the report indeed comply with the company policy regarding anti-money-laundering.

The purpose of the first audits would be intended to make the sector aware of the changes without immediately taking repressive action in case the new regulations have not been fully complied with.

If you wish to receive further information on the subject please contact our office, or register for a training session at AML seminar Panis

Withholding Tax increased to 25%

From now on all interests, dividends and royalties shall be subject to 25% advance levy. Credit interests collected on current accounts of the management shall also be subject to this same measure.

In case of Liquidation Tax the levy remains at 10%.

New intepretation of VAT legislation for re-sales of company cars

Since the introduction of the new fiscal rules regarding company cars taxes on the benefit in kind, in some cases, have increased tremendously. Company managers who wish to avoid this tax have the option, among others, to buy their company car privately.

In case of resale of company cars, by way of an administrative indulgence, VAT may now be calculated on 50% of the sales price. The VAT administration apparently allows that in this case VAT may be charged I the same way as when it was deducted at the time of purchase of the vehicle. To illustrate this, a practical example: the sales price of the car without VAT amounts to € 8.000,00. The invoice will mention: 50% of € 8.000,00 is € 4.000,00 without VAT. The amount including VAT is € 4.000,00 plus 21% VAT i.e. € 4.840,00.