DOCSLIB.ORG

1.Declaration of Estate: Significant Changes in Flanders

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
1.Declaration of Estate: Significant Changes in Flanders Lloyd Georgelaan 11 I 1000 Brussels www.berquinnotarissen.be Contents 1. Declaration of estate: significant changes in Flanders 2. ‘Misery tax’ reduced once again in cases of relational break-up? 3. Valuation of usufruct: at long last a (limited civil law) statutory system 1.Declaration of estate: significant changes in Flanders Eric Spruyt, notary-partner Berquin Notarissen cvba, Professor at KU Leuven and Fiscale Hogeschool (Tax College) April 2015 Since 1 January 2015, the Flemish Region has been collecting its own succession duties which, incidentally, now go by the name of “inheritance tax”. This name change is only a minor detail as also the rules of play, which can be found in a new codex, have changed. The most noteworthy of these undoubtedly relate to the formalities governing the declaration of estate and to the fact that fines have gone up dramatically! A new "coat" and name For quite some time now, the Regions in our country have enjoyed competence in matters of succession duties. They can set their own rules of play, rates, reductions and exemptions. Collection however - in official tax jargon known as the tax "administration" - has up and until now been ensured by the Federal Government (FPS Finance). Every Region is free to decide when it wishes to organise and manage its own collection. The Flemish Region decided it would do so as of 1 January 2015. Collection will henceforth be ensured by VLABEL (Flemish Tax Administration). The authorities took this opportunity to incorporate the Flemish succession duties into the existing Vlaamse Codex Fiscaliteit (Flemish Tax Code). This Code contains nearly all the regional taxes within Flander's remit, such as property tax, car registration tax, various vacancy charges, etc. and, as of late, succession duties too. The latter were also given a new name and, in line with the term used in the Netherlands, were rechristened to "inheritance tax". The rates, exemptions (a. o. the Flemish exemption on the family home inherited by the surviving partner) and reductions remained untouched. In other areas, citizens are faced with a number of drastic changes. Declaration of estate As in the past, Flemish inheritance tax is calculated on the basis of a declaration of estate which heirs must compile and (timely) file themselves. New in Flanders is the mandatory requirement to use a standard form. In contrast to what was formerly the case, citizens must now complete a form, featuring numerous pre-printed sections and boxes. In other words, the new declaration of estate has been given more of a personal income tax return look. The standard form in the Dutch version can be downloaded from the VLABEL website, under the section "formulieren" (forms) (in the top right-hand corner) - erfbelasting (inheritance tax) (http://belastingen.vlaanderen.be). An exception applies to declarants residing in one of the so-called municipalities with (linguistic) facilities who can apply for and file a form printed in the French language. By way of transitional measure, VLABEL will continue to accept the former (federal) forms until 31 March 2015. Declarations of estate are no longer filed with the regionally competent collector of succession duties in function of the deceased's former place of residence but with one central office, i.e. VLABEL. The declaration can be submitted via the link on the website, by e-mail or by ordinary post to: Vlaamse Belastingdienst, Erfbelasting, Vaartstraat, 16 in 9300 Aalst. Tax increase for late submissions... even if you were granted an extension! The time limit to file a declaration of estate has remained unchanged. It is still, as of the date of death: 4 months if the death occurred in Belgium, 5 months if the death occurred in a country within the European Economic Area (EEA, i.e. the 28 Member States of the European Union, plus Iceland, Liechtenstein and Norway) and 6 months if the deceased passed away outside of the EEA. At that, nothing was changed either to the possibility of applying for an extension of the submission deadline - e.g. in complex inheritance situations or in the event of problems locating assets or heirs. In the case of a simple (read: unsubstantiated) request for an extension - which must be applied for to VLABEL – in principle a 2-month extension will be granted. Requests for a longer extension will need to be substantiated and are not granted automatically. In the past, late submissions were only subject to a limited fine, i.e. EUR 25 per month of delay and per heir. At that, the fine was not imposed if the declaration, once an extension of the submission deadline had been granted, was filed within the extended time limit. The payment term did continue to run however. Once the due date had expired, moratorial interests of 7% applied. But the accrual of interest could be halted by lodging an advance into the account of the succession duties collector. Thus, succession duties were estimated as best as possible and paid into the taxman's account prior to the expiry of the payment deadline and well before the taxman sent out a request for payment. In this respect, the rules of play have been overhauled completely and the fines, currently in the form of tax hikes, have increased dramatically. So, citizens beware! Anyone who does not complete (and file) his/her own declaration but gets a professional (e.g. notary, tax consultant, etc.) to organise this on his or her behalf would be well advised to contact that person immediately after the death to ensure that the file is started up as soon as possible. In view of the serious financial implications, a timely submission has become more desirable than ever. For, what has changed? Three important issues: 1) the fine for late submissions has increased significantly, 2) a fine will now also be incurred (albeit at a lower than the normal rate) if the declaration is submitted by the extended deadline 3) fines can no longer be avoided by paying an advance. Late submissions are subject to a tax increase based on the following scale: - Declarations filed within 5 months of the statutory submission deadline having expired: 5% - 10%, 15%, 20% if the declaration is filed during the 6th to the 11th, the 12th to the 17th month and after the 18th month of the statutory submission deadline having expired respectively. Even if VLABEL has granted an extension to the submission deadline and the declaration is filed by the extended deadline, a tax increase will still apply, albeit at slightly lower percentages, i.e. - in function of the aforementioned deadlines - 1%, 5%, 7.5% and 10% respectively. Mind, if also the extended submission deadline is not adhered to, the same (higher) tax increases will apply as if no extension had been granted (i.e. 5%, 10%, 15% or 20%). So, it is worth remembering that there will be no escape from these tax increases for late submissions discussed above by paying an advance/making a prepayment on the inheritance tax. Abolition of the ex-ante estimate In their declaration, heirs must value the assets at their market value. That can be easier said than done at times. In the past and where desired, the process of an ex-ante estimate, which the Inheritance Tax Code regulated in detail, could be availed of. This entailed that citizen and taxman appointed an expert by joint agreement who would compile an evaluation report that was binding on both parties. This could prove to be extremely beneficial. If an expert valued a property at 250,000 euro for instance, that valuation used to be retained in the declaration of estate. If the heirs subsequently managed to sell the property at a higher price (e.g. 300.000 euro), there was no additional inheritance tax due on the added value (in casu 50.000 euro). In the absence of any such ex-ante estimate and if the property was sold within two years, the taxman could collect additional inheritance tax on the difference however. Quality charter with experts. Well, the option of an ex-ante estimate no longer features in the Flemish Tax Code. Henceforth, the Flemish Administration will perform its own valuation and retain that as a calculation basis for the inheritance tax. Heirs who do not agree with the taxman's higher valuation can either file an administrative objection procedure or go to court. Under this new system, the taxman has become judge and interested party, a change criticised in professional circles. To address that and to enhance legal certainty for citizens to some extent, VLABEL has come up with the idea of drafting a charter for surveyors which the latter can subscribe to. Citizens who contract a surveyor, signatory to the charter, to value a property for inheritance tax purposes can henceforth assume that VLABEL will in principle not challenge the valuation of the property. The charter in question sets out the criteria any qualitative valuation must meet. These criteria include those relating to the professional competence of estimators and to the actual content of the valuation report itself. The list of experts who signed the quality charter will also be published so that citizens can establish at all times which experts the authorities deem to be a qualitative partner. Note however that the expert’s valuation is not 100% binding on the taxman but will merely be considered to be correct “in principle”. In other words, the valuation will only be presumed to be qualitatively correct. It must also be borne in mind that this system only applies to immovable assets, not to movable assets. Tolerance for sales within 2 years.
Load more

Recommended publications
  • Annual Report 2016 • KBC Bank • 1 to the Reader
    KBC Bank Annual Report for 2016 Annual Report 2016 • KBC Bank • 1 To the reader Company name ‘KBC’, ‘the group’, ‘we’ or ‘KBC Bank’ as used in this annual report refer (unless otherwise indicated) to the consolidated bank entity, i.e. KBC Bank NV including all group companies included in the scope of consolidation. ‘KBC Bank NV’ refers solely to the non-consolidated entity. The ‘Company annual accounts' section deals only with the non-consolidated entity. Difference between KBC Bank and KBC Group KBC Bank NV is a subsidiary of KBC Group NV. The KBC group's legal structure has one single entity – KBC Group NV – in control of two underlying companies, viz. KBC Bank NV and KBC Insurance NV. All KBC Bank NV shares are owned (directly and indirectly) by KBC Group NV. A number of KBC Bank NV’s debt instruments are exchange-listed. Where mention is made of KBC Group or the KBC group in this annual report, KBC Group NV is meant, including all group companies included in the scope of consolidation. Forward-looking statements The expectations, forecasts and statements regarding future developments that are contained in this annual report are based on assumptions and assessments made when drawing up this report. By their nature, forward-looking statements involve uncertainty. Various factors could cause actual results and developments to differ from the initial statements. Translation This annual report is available in Dutch and English. The Dutch version is the original and the English-language version an unofficial translation. KBC warrants that every reasonable effort has been made to avoid any discrepancies between the different language versions.
    [Show full text]
  • EFS Top-Level Seminar EU VAT: Recent Developments and Outlook
    EFS, ERASMUS UNIVERSITY ROTTERDAM EFS Top-Level Seminar EU VAT: Recent Developments and Outlook 3 DAY PROGRAMME 27 - 29 SEPTEMBER 2017 Prof. Ben Terra Oscar Henkow Prof. Marie Lamensch Andrea Parolini Thierry Charon Prof. René van der Paardt EU VAT: RECENT DEVELOPMENTS AND OUTLOOK EFS, ERASMUS UNIVERSITY ROTTERDAM ERASMUS UNIVERSITY ROTTERDAM EFS, Erasmus University Roterdam is a partnership between Erasmus University Rotterdamis a global, top-100 research the tax departments of the Erasmus University Rotterdam’s university, where ambitious students prepare for an excellent Schools of Law and Economics. career. EFS has been a leading education and research institute in the Erasmus University Rotterdam is one the biggest universities areas of international taxation and European taxation for over in the Netherlands, with a student population of 23,000 and a 25 years. research community of around 1,400. The work of EFS concentrates on the operation of both indirect On the lively and modern campus, students are constantly taxes, covering VAT and customs duties, and direct taxes, focusing encouraged to develop their talents achieve their ambitions in on individual taxation, corporate taxation and source taxation in an international classrooms of more than 100 nationalities. international and/or European context. Its intensive, career-oriented and research-driven studies are As well as regularly hosting academic symposia, conferences matched by an excellent student life in the dynamic and diverse and lectures, EFS offers a wide range of post-master programmes. city of Rotterdam. The university’s research is strongly focused on societal impact on health, wealth, governance and culture. 2 EU VAT: RECENT DEVELOPMENTS AND OUTLOOK Case law from the European Court of Justice in Luxembourg, proposals from the Commission in Brussels and, of course, Brexit: the VAT landscape is continually changing.
    [Show full text]
  • Tax Management International Forum
    TAX MANAGEMENT INTERNATIONAL FORUM Comparative Tax Law for the International Practitioner >>>>>>>>>>>>>>>>>>>>>>>>>>> VOLUME 37, NUMBER 2 >>> JUNE 2016 www.bna.com Income and Indirect Tax Consequences of Cash Pooling Arrangements FACTS Host Co is a Host Country corporation that has three operating subsidiaries: H Sub, a Host Country corporation; X Sub, a Country X corporation; and Y Sub, a Country Y cor- poration. In order to minimize short-term bank financing costs and to manage the group’s cash flow requirements, Host Co plans to structure a cash pooling arrangement involving the three operating subsidiaries and FinCo, a newly formed Country Z corpo- ration that will be capitalized by Host Co with a combination of debt and equity and would be the cash pool leader; and Bank, an unrelated Country Z financial institution with branches in Host Country, Country X, Country Y and Country Z. FinCo’s activities would be limited to serving as the cash pool leader in the arrangements described below. The Host Co group has no other operations in Country Z, although it is considering cen- tralizing all of its treasury functions there. Host Co is considering two different types of cash pooling arrangements. The first would involve a zero target balancing cash pooling arrangement whereby, on a daily basis, the cash surpluses of any participant would be transferred to FinCo and FinCo would advance the necessary funds to any participant that experienced a cash deficit. FinCo would maintain an account with Bank in Country Z. Bank would finance any defi- cit in FinCo’s account at a floating rate of interest.
    [Show full text]
  • Annual Reports 2017-05-22 00:00:00 Annual Report 2016
    WORKING #together TOWARDS A SUSTAINABLE FUTURE Annual Report of KBC Group 2016 KBC Group of Report Annual Annual Report of KBC Group 2016 KBC group passport Net result (in millions of EUR) Our area of operation 2 639 We are an integrated bank-insurance group, catering mainly for retail, private banking, SME and mid-cap clients. Our core markets are Belgium, 765 2 427 the Czech Republic, Slovakia, Hungary, Bulgaria and Ireland. We are also present to a limited extent in several other countries to support corporate 1 762 clients from our core markets. Our clients, staff and network 2 218 Clients (estimate) over 10 million Staff 38 356 Bank branches 1 456 -344 Insurance network 427 agencies in Belgium, various distribution 2014 2015 2016 channels in Central and Eastern Europe impact of liquidation of KBC Financial Holding Inc. Our long-term credit ratings (20-03-2017) impact of goodwill impairment for a number of participating interests Fitch Moody’s Standard & Poor’s KBC Bank NV A A1 A KBC Insurance NV – – A- KBC Group NV A Baa1 BBB+ Breakdown of net result by business unit (2016, in millions of EUR) Our core shareholders 1 432 KBC Ancora 18.5% Cera 2.7% MRBB 11.4% Other core shareholders 7.6% 596 Data relates to year-end 2016, unless otherwise indicated. For definitions, please see the detailed tables 428 and analyses in this report. Outlook/watch/review data for our ratings is given elsewhere in this report. -29 Belgium Czech International Group Business Republic Markets Centre Unit Business Business Unit Unit 3.5 million clients 96 billion
    [Show full text]
  • Campus Brussel Jobfair 12 Maart, March 12Th 2015
    Campus Brussel Jobfair 12 maart, March 12th 2015 academische en professionele opleidingen academic and professional programmes In samenwerking met Faculteit Economie en Bedrijfswetenschappen Faculty of Economics and Business Campus Brussel Dankwoord Deze editie van de jobfair kwam tot stand met de hulp van vele mensen. Eerst en vooral willen we de algemeen directeur Dirk De Ceulaer bedanken voor zijn steun aan dit event. Gelukkig kunnen we ook rekenen op de hulp van de vele collega’s waar het altijd prettig mee samenwerken is. Dankzij hen wordt de organisatie van de dag zelf een stuk gemakkelijker. Daarnaast willen we de stewards en het economaat bedanken die de zalen ontruimen, klaarzetten, en schoonmaken. Dit titanenwerk kunnen we zonder hen niet klaarspelen. Verder willen we ook de catering bedanken tijdens de jobfair. Natuurlijk zijn we ook heel blij met de talrijke opkomst van de bedrijven. Zonder jullie is er geen jobfair en kunnen we dit ook niet aan onze studenten aanbieden. Hopelijk kunnen we de komende jaren nog op jullie aanwezigheid rekenen. Dan is er nog het organiserende comité. In de eerste plaats, de motor achter dit event, Krista Van Winkel, die ervoor zorgt dat aanbieders en vragers op hun wenken bediend worden. Zo willen we Stefaan Debrabandere in de bloemetjes zetten, want hij heeft ervoor gezorgd dat de samenwerking tussen de academische en de professionele opleidingen heel vlot verlopen is. Samen met de studenten Office Management en Marketing Management wordt een professioneel onthaal van de rekruteerders mogelijk gemaakt. Ze staan immers in voor de begeleiding van de vele bedrijven en organisaties. Dankzij Leen Smisdom en Ursula Moons kunnen we altijd rekenen op een goede database van bedrijven die we kunnen uitnodigen.
    [Show full text]
  • 1.Tax-Friendly Dissolution of Purchase Agreement Now Also Possible in the Brussels Region
    Lloyd Georgelaan 11 I 1000 Brussels www.berquinnotaries.be Contents 1. Tax-friendly dissolution of purchase agreement now also possible in the Brussels Region 2. Brussels allowance rises steeply 3. I want let via AirBnB – what do I have to watch out for? (in Flanders and Brussels) 4. The updated audit committee 1.Tax-friendly dissolution of purchase agreement now also possible in the Brussels Region Eric Spruyt, notary-partner Berquin Notarissen cvba, Professor at KU Leuven and Fiscale Hogeschool (Tax College) March 2017 The technique of the tax-friendly dissolution of purchase agreements has existed in the Flemish and Walloon Regions for some time. Since the beginning of this year, this is now also possible in the Brussels-Capital Region. Context In Belgian real estate practice, two purchase contracts are usually drawn up to settle the purchase of real estate: In an initial phase, a private purchase agreement (the so-called 'compromis') is signed between the parties, with or without the assistance of a notary or a broker. In a second phase, the notarial deed of purchase is signed. Sometimes, something goes wrong between the two. It is relatively common - especially in these less favourable economic times - for the buyer finally to have to back out because he is unable to obtain a loan from the bank to pay the purchase price. Other circumstances relating to the buyer may also mean that after signing the 'compromis', he is no longer interested in the purchase (e.g. the breakdown of a relationship or his employer suddenly sends him to a foreign branch for a few years, etc.).
    [Show full text]
  • Tax Advisers
    www.expertguides.com The Legal Media Group Guide to the World’s Leading Tax Advisers 2 Methodology CONTENTS 3 Argentina editorial 5 Argentina Guide to the World’s Leading Australia Tax Advisers 10 15 Austria Belgium editorial Research manager 17 19 Belgium Tatiana Hlivka 26 Bolivia Brazil Sub-editors 27 34 Canada editorial Rebecca Skipwith 36 Canada Maria McGrady 58 Chile China Production manager 62 64 Colombia Richard Oliver 66 Cyprus Czech Republic Production editor 69 71 Denmark João Fernandes 74 Finland France Business manager 78 84 Germany editorial Matthew Lakin 86 Germany Hong Kong SAR Project manager 104 108 Hungary Jonathan McReynolds 110 India Ireland editorial Publisher 117 118 Ireland Danny Williams 120 Israel Italy Director 121 124 Japan Christopher Fordham 129 Lithuania Luxembourg editorial For additional copies of this publication 130 Luxembourg please contact: 132 136 Mexico 141 The Netherlands editorial Tatiana Hlivka The Netherlands Legal Media Group 143 New Zealand editorial Nestor House 151 New Zealand Playhouse Yard 153 Norway London, EC4V 5EX 156 Panama Tel: (44) 20 7779 8418 160 Poland Fax: (44) 20 7779 8678 161 Portugal Email: [email protected] 164 Russia RRP £65/e100/US$110 172 175 Singapore 179 South Africa editorial ©Euromoney Institutional Investor PLC 184 South Africa January 2007 195 South Korea No matter contained herein may be reproduced, 202 Spain editorial duplicated or copied by any means without the prior Spain consent of the holder of the copyright, requests for 204 which should be addressed to the publisher. Although 210 Sweden Euromoney Institutional Investor PLC has made 215 Switzerland every effort to ensure the accuracy of this publication, 224 United Kingdom neither it nor any contributor can accept any legal United States editorial responsibility whatsoever for consequences that may 245 arise from errors or omissions, or any opinions or 247 United States advice given.
    [Show full text]
  • Annual Report 2016 • KBC Bank • 1 to the Reader
    KBC Bank Annual Report for 2016 Annual Report 2016 • KBC Bank • 1 To the reader Company name ‘KBC’, ‘the group’, ‘we’ or ‘KBC Bank’ as used in this annual report refer (unless otherwise indicated) to the consolidated bank entity, i.e. KBC Bank NV including all group companies included in the scope of consolidation. ‘KBC Bank NV’ refers solely to the non-consolidated entity. The ‘Company annual accounts' section deals only with the non-consolidated entity. Difference between KBC Bank and KBC Group KBC Bank NV is a subsidiary of KBC Group NV. The KBC group's legal structure has one single entity – KBC Group NV – in control of two underlying companies, viz. KBC Bank NV and KBC Insurance NV. All KBC Bank NV shares are owned (directly and indirectly) by KBC Group NV. A number of KBC Bank NV’s debt instruments are exchange-listed. Where mention is made of KBC Group or the KBC group in this annual report, KBC Group NV is meant, including all group companies included in the scope of consolidation. Forward-looking statements The expectations, forecasts and statements regarding future developments that are contained in this annual report are based on assumptions and assessments made when drawing up this report. By their nature, forward-looking statements involve uncertainty. Various factors could cause actual results and developments to differ from the initial statements. Translation This annual report is available in Dutch and English. The Dutch version is the original and the English-language version an unofficial translation. KBC warrants that every reasonable effort has been made to avoid any discrepancies between the different language versions.
    [Show full text]
  • Polarising Living Standards in Flanders^ 1800-1860
    European Review of Economic History, 5, 301-336. Printed in the United Kingdom © 2001 Cambridge University Press Oysters and rye bread: Polarising living standards in Flanders^ 1800-1860 YVES SEGERS Center for Economic Studies, Workshop in Quantitative Economic History, K. U. Leuven, Naamsestraat 69 B-3000 Leuven, Belgium Interfaculty Centre for Agrarian History, K.J. Leuven Vlamingenstraat 39, B-3000 Leuven, Belgium This article presents the results of an extensive inquiry into urban consumption of foodstuffs in Flanders between 1800 and i860. The octroi tax, an indirect tax levied on various consumer items, formed the principal source. During the initial phase of Belgian industrialisation the inhabitants of the eight cities under study (Antwerp, Bruges, Brussels, Courtrai, Ghent, Lokeren, Leuven and Mechelen) experienced a sharp decrease in the consumption of bread grains, meat, fish, beer, wine and gin. A number of other indicators suggest at the same time an accelerated widening of the gap between rich and poor. This process of impoverishment and pauperisation, which occurred in all cities (small or large, industrial or merchant centre), is explained as a result of Malthusian tensions. The rapid population growth, which started around i 75°3 generated the division of arable land and a sharp increase in land prices. The growing demand for food, stagnating agricultural output, and the trade and agricultural policy of the government led to a significant increase in the price level of foodstuffs. The capitalism hypothesis of Lis and Soly, elaborated for Antwerp, is rejected. Many economic historians have studied the social impact of industrialisation in the past. This generated the so-called ‘standard-of-living debate’ that led to heated debates, especially in Great Britain.
    [Show full text]
  • Donating Real Estate Cheaper in Flanders
    Lloyd Georgelaan 11 I 1000 Brussels www.berquinnotaries.be Donating real estate cheaper in Flanders Eric Spruyt, notary, prof. KU Leuven and Fiscale Hogeschool March 2016 The cost of donating property in Flanders has been drastically reduced. Those who carry out energy-saving renovation work pay even less. Since 1 January 2015, the registration and succession duties have been laid down in a new tax code, the ‘Flemish Tax Code’. Succession duties (successierechten) are now called inheritance tax (erfbelasting) and gift duties (schenkingsrechten) have been renamed gift tax (schenkbelasting). Far more important, however, is that since 1 July 2015, donating real estate has become far cheaper. The residence of the donor counts! The Flemish gift tax and its reduced rates for the donation of real estate (houses, land, apartments) only apply if the donation is located in the Flemish Region. The only criterion considered is the tax residence of the donor, at least when this person is an inhabitant of Belgium. The location of the donated property plays no role. If you live in Antwerp and you donate a house in the Ardennes, you can do this at Flemish rates. There are three exceptions to this principle: 1. You have moved frequently. If you, as a door, have lived in various regions in the past five years, then the place where you lived longest counts. 2. You live abroad. Then the location of the real estate counts. If you went to live in Spain when you retired and you want to donate your apartment in Liège to your son, then Walloon gift duties will be levied.
    [Show full text]
  • RZ VAT-Conf Flyer Fueremail Cl21 Layout 1
    14th and 15th June 2012 International VAT-Conference küffner maunz langer zugmaier in cooperation with Conference Thursday International VAT-Conference SUPPLY OF GOODS 14th and 15th June 2012 WITHIN, TO AND FROM EU at Seehotel Übersee, Lake Tegernsee (Munich) 9.30 Place of taxation: VAT technical / legal developments The focus of the International VAT Conference is the (Dr. Maunz) discussion of current VAT issues at both the academic · Chain transactions – new concept of allocating and practical level. The conference panel consists of the zero rated supply (ECJ Eurotyre) international experts drawn from the EU Commission, · Safety net regulation after ECJ Facet the OECD, the tax administration, universities and from · Comparison Intra-Community / Export / Import leading international corporations. 10.00 Compliance aspects (Mr. Huschens, Mr. von Streit) Conference participants will have the opportunity to · Proof of export / intra-Community supplies raise questions relating to their day to day business and – the German approach and other approaches to participate in panel and audience discussions. across the EU · Reporting requirements With its solution based focus, delegates will leave the conference having been provided with real insight into 11.10 Panel discussion how to better manage their respective VAT issues. Natur- ally, all sessions will be supported by extensive docu- CONCEPT OF NEUTRALITY mentation which delegates will undoubtedly find to be a 14.00 Spheres of a legal person valuable future business resource after the conclusion of (Prof. Dr. Terra) the conference. · Linking input VAT deduction to supplies and non-supplies (transactions carried out for busi- So come and join the discussion on VAT's hot topics ness reasons which are non-supplies for VAT and enjoy the opportunity of networking with other atten- purposes) dees and speakers from all Member States.
    [Show full text]
  • Declaration of Estate: Significant Changes in Flanders
    Lloyd Georgelaan 11 I 1000 Brussels www.berquinnotarissen.be Declaration of estate: significant changes in Flanders Eric Spruyt, notary-partner Berquin Notarissen cvba, Professor at KU Leuven and Fiscale Hogeschool (Tax College) April 2015 Since 1 January 2015, the Flemish Region has been collecting its own succession duties which, incidentally, now go by the name of “inheritance tax”. This name change is only a minor detail as also the rules of play, which can be found in a new codex, have changed. The most noteworthy of these undoubtedly relate to the formalities governing the declaration of estate and to the fact that fines have gone up dramatically! A new "coat" and name For quite some time now, the Regions in our country have enjoyed competence in matters of succession duties. They can set their own rules of play, rates, reductions and exemptions. Collection however - in official tax jargon known as the tax "administration" - has up and until now been ensured by the Federal Government (FPS Finance). Every Region is free to decide when it wishes to organise and manage its own collection. The Flemish Region decided it would do so as of 1 January 2015. Collection will henceforth be ensured by VLABEL (Flemish Tax Administration). The authorities took this opportunity to incorporate the Flemish succession duties into the existing Vlaamse Codex Fiscaliteit (Flemish Tax Code). This Code contains nearly all the regional taxes within Flander's remit, such as property tax, car registration tax, various vacancy charges, etc. and, as of late, succession duties too. The latter were also given a new name and, in line with the term used in the Netherlands, were rechristened to "inheritance tax".
    [Show full text]