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Operational tax news
News on tax topics impacting the financial industry
Operational tax news is the tax issues guide for financial sector companies.
In the current environment, the financial sector faces a multitude of different challenges: ongoing volatility in the markets, cost cutting programmes, increasingly complex regulations, and constantly changing tax and operational rules. The complexity of managing these challenges is further increased by the tendency for globalisation and increasing cross-border competition. One of the areas which needs to be managed carefully is the operational tax environment.
The new Danish fund tax regime is now in place for the second year.
On 10 June 2021, the Belgian tax authorities published Circular 2021/C/56 (in French and Dutch—the “Circular”) on the Belgian tax on savings income under article 19bis of the Belgian Income Tax Code (BITC).
The regulatory framework around the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) is constantly evolving, brought about by the political pressure exerted by the different Member States that are enhancing their controls on financial institutions’ reporting framework. Based on the increasing number of requests received by the tax authorities, we observe that being compliant remains a real concern.
On 8 April 2021, the Internal Revenue Service (IRS) announced the extension of the Qualified Intermediary (QI) certification deadline through an update of its QI Frequently Asked Questions (FAQs), specifically to the answer to Question 10 of the “Certifications and Periodic Reviews” section.
In its publication dated 1 April 2021 (only available in French), the Luxembourg tax authorities (LTA) recommend that Luxembourg financial institutions (FI) use specific codes to complete the tax identification number (TIN) field if the TIN is not available.
Due to an upcoming change to the German Investment Tax Act (GITA), the WHT refund procedure according to sec. 7 para. 5 GITA may no longer be accessible for non-German investment funds as from 1 July 2021.
The German Ministry of Finance (BMF) recently issued an official communication regarding retroactive corrections to equity gain figures (Aktiengewinn) published under the investment fund tax regime applicable until 31 December 2017.
On 26 January 2021, a Grand-Ducal Decree dated 22 January 2021 amending the list of reportable jurisdictions and the list of reportable jurisdictions for the purpose of the Common Reporting Standard (CRS) was published in the Official Journal of the Grand Duchy of Luxembourg.
We would like to inform you of the Luxembourg tax authorities’ new XSD scheme for the preparation and submission of Country-by-Country (CbC) reports via XML format, which applies as from 1 February 2021.
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