Belgium: new tax transitory regime

Alessandro PasutThe Belgian tax authorities issued a circular letter regarding this transitory regime providing for additional information on the conditions that must be fulfilled for the dividend distribution and for the contribution of the dividend into the capital of the company.
The dividends must be paid out of the taxed reserves that are available for distribution to the shareholders. Distributions of taxable provisions and hidden reserves do not qualify. The transitory regime is limited to the distribution of reserves that have been approved by the General Shareholders’ Meeting prior to 1 April.
As a result, for companies whose accounting period coincides with the calendar year, the transitory regime only applies to the reserves of the accounting period ending on 31 December , provided that these accounts were approved on 31 March at the latest. If the accounts per 31 December were approved after 31 March, then the transitory regime applies to the reserves of the accounting period ending on 31 December.
The program law establishes a limit for the amount that can be distributed under this beneficial regime, based on the dividend distributions over the preceding 5 years.

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