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Look back 2019 and Tax Calendar 2020 – Financial Services Industry

In a rapidly changing environment, tax and legal issues are never far away. In this e-flash we provide you with a retrospection on the most important tax developments of 2019 for the Financial Services industry (regarding operational taxes) as well as some attention points and opportunities. We also take the opportunity to look forward to the New Year 2020 and are pleased to refer to our Tax Calendar for 2020.

EU Mandatory Disclosure Requirements – state of play

As previously reported, mandatory disclosure requirements (MDR) for intermediaries and relevant taxpayers entered into force in the European Union on June 25, 2018, to be applied as of July 1, 2020. Most, but not all, Member States met the December 31, 2019 deadline to transpose the new rules into domestic law.

This seventh Special Edition Euro Tax Flash summarizes the most recent status of the implementation of the new rules into Member States’ domestic legislation, as at January 8, 2019.

Earnings stripping rules: Royal Decree clarifying legal framework published

As anticipated in our earlier flash, a Royal Decree has been published in the Belgian Official Gazette of 27 December 2019.

The purpose of the Royal Decree is to execute the so-called “earning stripping rules“, i.e. an interest deduction limitation regime which was already enacted by the legislator at the end of 2017.

However, some issues still remain unresolved. The new (incomplete) rules enter into force as from assessment year 2020 (for taxable periods starting on 1 January 2019 at the earliest).