News

The Council of the EU came to an agreement on a Council Directive (“Directive”) regarding mandatory disclosure rules for intermediaries such as tax advisors, lawyers and accountants. The Council adopted the directive for greater transparency in combating cross-border aggressive tax planning. This Mandatory Disclosure Directive has been adopted without debate. On March 13, 2018, the...

As part of the Tax Plan for 2019, the Dutch State Secretary of Finance has submitted a bill to reduce the maximum term of the 30% ruling from 8 to 5 years. If approved by the Dutch Parliament, the new rule regarding the 30% ruling will enter into force as of January 1, 2019. The changes will affect both new and existing cases. This means that an employee who has obtained the 30% ruling for 8...

As the end of another tax year approaches, we are writing with a summary of tax planning ideas which may be of interest to you.     Please call if you would like to discuss anything mentioned in this document, with a view to taking action before 6 April 2018 as we would be delighted to help.    Tax-free allowances on property and trading income     From 6 April 2017, you can get up to £1,000 a...

The Internal Revenue Service (IRS) announced that it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on September 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes.     “Taxpayers have had several years to come into...

The OECD issued new model disclosure rules that require lawyers, accountants, financial advisors, banks and any other service providers to inform the tax authorities of any schemes they have put in place for their clients to avoid reporting under the Common Reporting Standard (CRS) or prevent the identification of the beneficial owners of entities or trusts.   As the reporting and automatic...

Residents from Belgium who have worked in the Netherlands usually also accrued supplementary pension benefits in the Netherlands. In accordance with the double tax convention concluded between Belgium and the Netherlands, such pensions benefits are in principle taxable in the State of residence. The Dutch supplementary pensions of Belgian workers have therefore been taxed in Belgium. At the...

Income from assets of French nationals who work in a state other than a member state of the EU, the European Economic Area or Switzerland may be subject to French social security contributions according to the European Court of Justice (ECJ). The case involved a French national, who resided and worked in China and sought to obtain reimbursement of the levies collected on his income from...

As of the tax year 2018 it is possible to apply for the new tax regime for “high net worth individuals” based on which a fixed tax amount of Euro 100,000 is due for income derived outside Italy.   The new flat tax:   absorbs the progressive taxes deriving from employment income derived outside of Italy; absorbs all substitute taxes due on foreign dividends from non-qualified...

An extension of the inbound expat regime’s (“forskerordningen”) time frame from 5 to 7 years is good news for Danish companies in need of high-paid / specialized labor. This extension should, however, be followed by a “Note (!)” to potential candidates or already employed individuals on the scheme considering the extension of their stay. Often, the candidate takes up residence in Denmark...

The US Congress has passed the largest re-write of the U.S. tax code since the Tax Reform Act of 1986. Please find attached a brief report on US tax reforms. We will be happy to assist you and your company for all your requirements as per the new US tax policies. Major Highlights of the Tax Reforms: There is increase in standard deduction and repeal of the deduction for personal exemptions....