Advocaten / Avocats / Lawyers

Banking & Finance

The fiscal landscape of Belgium’s financial sector has changed substantially in recent years. The introduction of the speculation and bank tax, the increases of the withholding tax rates and collective investment institution tax, the extension of the stock exchange tax on securities transactions of Belgians abroad, the introduction of a tax on securities accounts, etc. have all redrawn the fiscal landscape. Financial legislation has significantly changed and expanded too, for example with respect to undertakings for collective investments and bank resolution mechanisms.

All these legislative modifications make the tax situation for financial institutions extremely complex, especially given the interconnection between taxation on the one hand and financial, European, international and constitutional law on the other hand.

Tiberghien’s Banking and Finance team closely follows the developments of the tax legislation. Tiberghien assists many financial institutions with the implementation of (new) legislation and regulations. Our team also has extensive experience in litigation to contest taxation of undertakings for collective investments, unlawful application of withholding tax, stock exchange taxes and refusal of notional interest deduction of credit institutions and insurance companies.

Our close collaboration with ALTIUS’s Banking and Finance team ensures Tiberghien can help clients with tax and company law matters.

What can we do for you?

Banks

  • Advice towards banks regarding Belgian corporate tax matters;
  • We assess the tax situation of financial instruments, such as savings accounts, pension plans, hybrid securities, structured notes, ‘dedicated’ funds and insurance products, etc.;
  • Assistance with the preparation and submission of ruling requests on the tax aspects of financial products;
  • Tax support for the conversion of direct and indirect taxation rules on investments into IT programmes, both for Belgian and foreign intermediaries;
  • Periodic information sessions about changes in investment taxation;
  • Review and writing of tax clauses in prospectuses and product sheets;
  • We take care of our clients’ obligations regarding the international exchange of information in compliance with FATCA, the Mutual Assistance Directive and DAC6;
  • Interaction with the prevention policy and special mechanisms;
  • Assistance with tax audits.

Insurance companies

  • We give advice on Belgian corporate taxation for insurance companies, e.g. concerning potential exemptions of technical reserves, branche 23 investments, etc.;
  • Review and writing of tax clauses in prospectuses and product sheets;
  • We assess the tax situation of insurance products within the context of pension plans, dedicated insurance products, inheritance planning involving life insurance contracts, applicable withholding taxes, etc.;
  • We assist with annual taxes on insurance transactions;
  • Questions about the tax benefit of tailor-made unit-linked life insurance products in an international context, for example for US residents, Spanish residents, etc.;
  • Obligations regarding international data exchange based on the implementation of FATCA, the European Directive on Administrative cooperation and DAC6;
  • Assistance with tax audits.

Undertakings for collective investments and pension funds

  • Undertakings for collective investments and pension funds are only subject to a limited level of corporate taxation in Belgium. Tiberghien advises on the correct implementation of limited tax bases, and also on the exemptions from withholding tax;
  • Review and writing of tax clauses in prospectuses and product sheets;
  • Assistance with the preparation and submission of ruling requests on the tax aspects of financial products;
  • Assistance with the setting up of a fund (review of the articles of association, prospectus, KIID, etc.);
  • VAT questions on management fees of undertakings for collective investments;
  • Tiberghien has assisted several international investment companies with the various aspects of their relocation to Belgium;
  • The tax regime on income from funds and other private equity vehicles and stock exchange tax legislation on tradings with their shares or certificates are extremely complex; Tiberghien frequently advises clients about the various aspects of dividend distributions, share repurchases, fund liquidation, the breakdown of income from a contractual fund and the eventual impact of the “Cayman Tax”;
  • Tiberghien has also considerable experience with the application of exemptions to and the renunciation of as well as the recovery of the applied withholding tax;
  • Implementation of DAC6;
  • Assistance with tax audits.

Contact

Tiberghien Brussels

Tour & Taxis

Havenlaan|Avenue du Port 86C B.419
BE-1000 Brussels
T +32 2 773 40 00
F +32 2 773 40 55

info@tiberghien.com

Tiberghien Antwerp

Grotesteenweg 214 B.4
BE-2600 Antwerp
T +32 3 443 20 00
F +32 3 443 20 20

info@tiberghien.com

Tiberghien Ghent

Esplanade Oscar Van de Voorde 1
BE-9000 Gent
T +32 9 265 95 51

info@tiberghien.com

Tiberghien Hasselt

Koningin Astridlaan 35
BE-3500 Hasselt
T +32 11 57 00 13

info@tiberghien.com

Tiberghien Luxembourg

23, Boulevard Joseph II
LU-1840 Luxembourg
T +352 27 47 51 11
F +352 27 47 51 10

info@tiberghien.com