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ACCOUNTANCYLEASE AGREEMENTS: HOW SHOULD YOU HANDLE ADVANCE PAYMENTS?

FAQAPPEAL VERSUS EX-OFFICIO TAX RELIEF

PARTNERSHIP NEWSBELGIUM 4TH MOST ATTRACTIVE (INNOVATION) ECONOMY IN THE WORLD

INTERIM-MANAGERS AS A YOUNGER GENERATION ARE ON THE LOOKOUT FOR EXPERTISE

THE POINTBDO NEWSLETTER

The Brits have chosen, albeit by a slim margin, for a Brexit. The referendum’s result came like a bolt out of the blue. I was in London in May for a meeting with a London BDO Tax-partner. When I asked whether any information material was ready in case of a Brexit, I got the response: “a Brexit is highly hypothetical, Werner”.

The country and by extension its EU allies are reeling from the shock. A tremendous political, economic and financial uncertainty looms concerning the consequences of the referendum. Even though it was just an advisory referendum, the British will enforce the results legislatively. Unless they have any more surprises up their sleeves.

How and when the ‘divorce’ will take place is still completely unknown - after all, neither the UK nor the rest of Europe have any experience with such a separation. Let alone that anyone can predict its impact on the British companies, British civil servants and British employees who, for example work, in or with Belgium. The same goes for the other side, with regard to Brexit’s consequences for the multitude of activities initiated by Belgium with and in the UK.

Significant European legislation ensures that companies and employees don’t encounter too many obstacles when carrying out their activities in the EU.

In principle, trade between EU companies does not require import or export formalities, or customs duties. Not so for those leaving the EU.

European directives facilitate the (tax-free) movement of dividends, interests and royalties within the EU. The same applies to cross-border restructurings, for which there is a uniform legal and tax-related European framework. Do all of those principles come under fire in the post-Brexit age? Let’s hope not.

Nor do we hope that the unified European framework in place for employees, or social security, is in danger. We currently don’t even need work permits within the EU. How those regulations will be drawn up in the new relationship with the UK will remain murky waters for some time to come.

These are uncertain times. Hopefully there is light at the end of the (channel) tunnel. BDO will of course keep you informed of all relevant developments and any possible opportunities. To be continued...

WERNER LAPAGE President of the Editorial Board

BDO NEWSLETTER #02 | 2016

EDITORIAL BOARD

Werner Lapage Hans Wilmots Dirk Vandendaele Ann Celis Cindy De Bock Annick Deklerck

© BDO 2016 : The information contained in this Newsletter is of an informative and general nature and is not intended as professional advice.Our advisers are at your disposal for more in-depth advice and to take appropriate action. If you prefer to receive this Newsletter electronically, please then contact us at newsletter@bdo.be. Our Newsletter can also be consulted at www.bdo.be. Our Newsletter is also available in Dutch or French.

R.E. BDO Academy Burg.Ven. CVBA/Soc. Civ. SCRL, Werner Lapage, p/a The Corporate Village, Da Vincilaan 9 Box E6, Elsinor Building – 1935 Zaventem

CO

LOPH

ON

EDITORIAL

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COVER STORYINTERIM-MANAGERS AS A YOUNGER GENERATION ARE ON THE LOOKOUT FOR EXPERTISE 4

ACCOUNTANCYLEASE AGREEMENTS: HOW SHOULD YOU HANDLE ADVANCE PAYMENTS? 6

AUDITCOMPANY FRAUD : INVESTIGATION AND PREVENTION 9

FAQ APPEAL VERSUS EX-OFFICIO TAX RELIEF 12

LEGALE-COMMERCE: A NEW AGE FOR ONLINE DISPUTE RESOLUTION 16

TAXNEW TAX AND SOCIAL SECURITY REGULARISATION COMING SOON (‘EBA/DLU QUATER’) 18TAX RATES FOR DIVIDEND PAYMENTS. CURRENT SITUATION 20

PARTNERSHIP NEWSBELGIUM 4TH MOST ATTRACTIVE (INNOVATION) ECONOMY IN THE WORLD 24

CORPORATE NEWS 26

ANNEXEOVERVIEW OF COMMON DEDUCTIBLE EXPENSES RELATING TO INCOME TAX AND VAT

04 06 12 24

CONTENTS

BDO-NEWSLETTER 3

COVER STORY

INTERIM-MANAGERS AS A YOUNGER GENERATION ARE ON THE LOOKOUT FOR EXPERTISE

AGAINST EXPECTATIONS, REMUNERATION IS NOT THE BIGGEST INCENTIVE TO START WORKING AS AN INTERIM MANAGER.

A RECENT BDO SURVEY HAS SHOWN THAT THE CHANGED ECONOMIC SITUATION HAS NOT LED TO AN IMMEDIATE DECREASE IN ASSIGNMENTS FOR INTERIM MANAGERS. IT’S EVEN POSSIBLE THAT THIS HAS LED TO A MARKED INCREASE OF YOUNG INTERIM MANAGERS. THE IMAGE OF THE GREY-HAIRED EXPERT IN THE TWILIGHT OF HIS OR HER CAREER NO LONGER MATCHES THE REALITY. THE NEW GENERATION SEEKS VARIATION AND EXPECTS TRAINING AND COACHING FROM ITS PROVIDER.

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Annelies Steenbeke

Interim management has evolved in the business world from a means of providing guidance during restructuring or the application of crisis management to a strategic decision, to an appeal for external expertise. Interim management has meanwhile gained an undeniable presence in the business community and is clearly growing in popularity. It’s time for BDO to map how interim managers perceive the environment in which they live and work and what their expectations are.

THE INTERIM MANAGER OF 2016 IS YOUNGER THAN ONE MIGHT EXPECTHalf of the respondents (including over 50% between the ages of 45 and 55) got started as an interim manager before the age of 45. Barely 2% are over 60 when they start. The image of the grey-haired expert hoping to quickly round up a few last assignments before retiring is completely outdated. However the highly educated stereotype still rings true, as a hefty 77% possesses a master’s degree and 33% have even acquired an advanced master’s degree (a second master’s course).More than half have been working for less than five years and have completed less than five assignments. This indicates that the economic crisis, with a scarcity of permanent positions played a role.

FREEDOM OF CHOICEWhen asked whether they would choose a permanent function, just under half (44%) of the respondents resolutely answer ‘no’. Over a third (37%) wants to return to a permanent function on the condition that they

can retain their independent status. For 19%, retaining that status is not important.

BENEFITSAgainst expectations, it turns out that remuneration is not the biggest incentive to start working as an interim manager. Money come in last on the scale. Variation heads up the top three and is followed by independence (70%) and the challenge (70%) of each new assignment.

DRAWBACKSWhich drawbacks do interim managers associate with their status? More than half of respondents (57%) experience income uncertainty as the biggest downside, followed by career uncertainty (31%). The lack of ongoing training is important to 17% of the interim managers in their SWOT analysis.

WHY WORK WITH AN INTERIM MANAGEMENT PROVIDER?When asked about the added value of the interim management provider, the bridging role between the principal and the interim manager scores remarkably high (along with assignment selection and the payment guarantee). “At BDO, every assignment is carried out under guidance of a professional consultant, who ensures correct and quick communication between the principal and interim manager,” Annelies Steenbeke, BDO Interim Management Partner confirms. “In addition, the consultant keeps an eye on the process and the quality of the assignment. Ensuring a good match between profile and specific needs is the provider’s

primary duty, and it is how they are able to act as a true business partner.”

The survey also illustrates that the role of the provider can be even more extensive. Training (35%) and coaching (28%) are high on the wish list. “This clearly is a task for the provider,” Annelies Steenbeke finds. “For example, at BDO we see that access to our in-house expertise and our seminars is hugely appreciated by the interim managers that work for us. If we look around, we see that interim management providers are still perceived far too much as a means to an end. We’ve opted for a different approach, in which our expertise linked to the competences of the interim managers leads to the right synergy for all parties involved.”

For more information: Get in touch with our colleagues at Interim Management: im@bdo.be

« Interim management providers are still perceived far too much as a means to an end. We’ve opted for a different approach.»

ABOUT THE SURVEY

In December 2015, BDO surveyed more than 200 Flemish and Walloon interim managers (based on 27 multiple choice questions) about their start, assignments completed, the needs related to the job and the expectations concerning cooperation with a provider.

BDO-NEWSLETTER 5

ACCOUNTANCY

ACCOUNTING LAW STIPULATES THE ACCRUAL BASIS...Article 33, paragraph 2 of the Royal Decree of 30/01/2001 of the Companies Code establishes the principle that costs and income must be attributed to the correct financial year (‘cut-off’ in accounting jargon). This means that the costs and income must be booked against the result for the financial year to which they refer, regardless of the actual date on which they were paid. In practice, matching the expenses and incomes to the financial years involved is done through pre-payment accounts.

For example: if a lease agreement has been concluded for a period of

LEASE AGREEMENTS: HOW SHOULD YOU HANDLE ADVANCE PAYMENTS?

SOMETIMES, WHEN ENTERING INTO A LEASE AGREEMENT, A CONSIDERABLE FIRST PAYMENT OR AN INCREASED FIRST RENTAL PAYMENT IS REQUESTED. UNDER THE ACCRUAL BASIS OF ACCOUNTING, USE OF PRE-PAYMENT ACCOUNTS IS REQUIRED IN ORDER TO SPREAD THE COSTS THROUGHOUT THE PERIOD OF THE AGREEMENT. HOWEVER, UNDER CERTAIN CONDITIONS, THE VALUATION RULES DETERMINED BY THE BOARD OF DIRECTORS CAN DEVIATE FROM THIS PRINCIPLE. FROM A TAX PERSPECTIVE, WHAT ARE THE FISCAL CONSEQUENCES OF THIS IMMEDIATE PROFIT?

THE BELGIAN ACCOUNTING STANDARDS COMMISSION RECOMMENDS USING PRE-PAYMENT ACCOUNTS TO MAKE A CONSIDERABLE FIRST PAYMENT OR AN INCREASED FIRST RENTAL PAYMENT.

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Gaëtan Philippon

10 years − and, in addition to regular lease payments, an initial large sum must be paid − then the accrual basis of accounting and matching principle requires that this first payment is not charged in full but spread over the duration of the lease agreement. This is processed in the accounts by using the ‘deferred income’ account.

...BUT THE BOARD OF DIRECTORS MUST ESTABLISH THE VALUATION RULESYet, despite the aforementioned principles, the Board of Directors can justify a different method of accounting for profit for technical and economic reasons. In that every company is unique, Article 28 of the Royal Decree of the Companies Code now stipulates that: “Every company determines the rules that apply for valuation of the inventory, provided the provisions of this chapter are complied with, and still taking into account its own characteristics...” In addition, Article 29 of the Royal Decree (RD) stipulates that if application of the RD’s valuation rules does not lead to a true and fair view of the accounts, an exceptional deviation from the valuation rule in question must be made.

Specifically, this means that, to the extent that it would not lead to a true and fair view, the Board of Directors has the exceptional possibility of not strictly adhering to the accrual basis. However, please note that the annual

accounts must state the choice of the valuation method applied, and the consequences of this choice, on the results for the financial year.

WHAT DOES THE BELGIAN ACCOUNTING STANDARDS COMMISSION (CBN) HAVE TO SAY ABOUT THIS?The CBN deals with this problem in its 2015/4 recommendation. It recommends the use of pre-payment accounts in the event that a lease is prepaid or a large initial payment is made. However, the CBN points out that technical, or even economic, reasons can justify a different method of accounting for profit. One example reported is the case in which the first increased lease payment is the result of an actual decrease in value of the leased property. In that case, charging the amount to the year of the payment is fully justified.

ACCOUNTING LAW PREVAILS...In the event of a tax audit, should the Board of Directors be concerned that the tax authority will give precedence to Article 33 of the Royal Decree of the Companies Code (accrual basis) and reject the deductibility of this payment based on the fact that accounting law has not been complied with? In principle, this question must be answered in the affirmative, unless deviation from this valuation method can be justified.

...UNLESS PARTICULAR FISCAL STIPULATIONS IN THIS MATTER EXISTArticle 49 of the Income Tax Code determines the criteria for deductibility of professional expenses, one of the conditions being that the expenses must have been “made or borne during the taxable period”. This concept is clarified in administrative guideline 49/12, which states that: “in order to be able to deduct the costs of the gross amount from professional income, it is not necessary that they be made or borne before the obtaining or retaining of the income of the year or the financial year in which they took place” (Cass., 22.12.1964, nv Ets. Jean Pankert, Bull. 423, p. 1699).

Thus, tax law deviates from accounting’s accrual basis and matching principle, meaning that an immediate deduction of an initial payment cannot be rejected based on the fact that accounting law prevails, nor can it be rejected based on non-compliance with Article 49 of the Income Tax Code.

JURISPRUDENCE DOTS ITS I’S AND CROSSES ITS T’SA judgement rendered by the Antwerp Court of Appeal on 17 March 2015 concerned a case in which a taxpayer had deducted all prepaid lease payments in the same year. The tax authority tried to tax these prepaid lease monies based on the fact that the taxpayer did not comply with accounting law − more specifically, the

« Tax law deviates from the accrual basis and matching principle.»

BDO-NEWSLETTER 7

ACCOUNTANCY

accrual basis and matching principle. Applying Article 24, paragraph 1, point 4 of the Income Tax Code, the administration considered this pre-payment an underestimation of the assets. The ruling was very clear: the judge is of the opinion that particular fiscal stipulations are in place (i.e. the accounting law does not prevail in this matter), but maintains that Article 49 of the Income Tax Code is a tax stipulation that deviates from accounting law. Article 49 requires that the costs be incurred to obtain or retain professional income and does not make a direct connection between payment of the expense and the year to which the expense pertains. Therefore, tax law prevails. The judge also reminds us that the tax authority cannot judge the way in which a company is governed, and that it is the taxpayer who must determine the most suitable valuation rules − in this case, by immediately including the prepaid income in the accounts.

TAX ABUSE?Would the tax authority now be able to invoke the anti-abuse provision of Article 344, §1, 2° Income Tax Code on the grounds that the sole purpose of this method is to obtain a tax benefit? This has not actually been ruled out, but in that case the taxpayer is then free to demonstrate through counter-evidence that the immediate deduction of prepaid lease monies are justified by other than purely tax-related reasons.

HOW CAN THE DISCREPANCY BETWEEN ACCOUNTING LAW AND TAX LAW BE DEALT WITH IN PRACTICE?Since the annual accounts form the basis of the corporate tax return, you have no other option than to use extra-accounting processing in the tax declaration when you have not deviated from the accrual basis and matching principle. In practice, this

is done by using the hidden reserves (‘other under-valued assets’ line), by stating a negative amount as the situation at the end of the period as income to be deferred. Thus, the amount of the pre-payment that has not yet been charged as an expense will be deducted from the tax result. That amount must subsequently be taxed during the years that follow until this hidden reserve has been cleared (just as the pre-payment is charged in the accounts as expense).

For more information: Contact our colleagues in Accountancy: accountancy@bdo.be

Gaëtan Philippon

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Cédric AntonelliAUDIT

COMPANY FRAUD : INVESTIGATION AND PREVENTION

ANNUAL ACCOUNTS FRAUD OCCURS LEAST OFTEN (IN LESS THAN 10% OF CASES), BUT CAUSES THE LARGEST MEDIAN LOSS (AT APPROXIMATELY EUR 860,000).

The most sensational fraud cases take place in international groups that have created clever systems to artificially increase their income, thus guaranteeing attractive performance to their investors. The Enron and Lernout & Hauspie cases are renowned examples of annual account fraud.

However, the public sector has known its fair share of illegal behaviour too − with various cases of asset embezzlement, supported by relatively simple mechanisms, coming to light. Just recall the cases of embezzlement of financial resources at the Walloon Office on Waste, the Doornik OCMW, the Wallonia-Brussels Federation, the Mortsel OCMW, or the negligence at the Quiévrain OCMW. Each of these cases demonstrated that there is also

a lack of supervision within public institutions.

In addition to the infamous incidents that make newspaper headlines, a host of other occurrences − which are dealt with confidentially within the organisation − slip under the radar. In short, the cases that are publicised are probably just the tip of the iceberg..

PRIVATE COMPANIES AS WELL AS PUBLIC INSTITUTIONS FALL PREYAccording to the international 2016 Global Fraud Study conducted by the Association of Certified Fraud Examiners (ACFE, www.acfe.com) − relying on research into 2,410 fraud cases between January 2014 and October 2015 − about two thirds of reported fraud cases concern private or listed companies. Within the various organisation types, profit-seeking companies suffered the biggest (median) losses, i.e. about EUR 160,000 per company.

NOT A DAY GOES BY WITHOUT THE PRESS REPORTING A CASE OF CORRUPTION, EMBEZZLEMENT OF ASSETS OR FRAUD IN ANNUAL COMPANY ACCOUNTS. COMPANY FRAUD CERTAINLY IS A REAL PROBLEM, WITH NEGATIVE CONSEQUENCES FOR BOTH THE PERFORMANCE AND THE REPUTATION OF AN ORGANISATION. THIS ARTICLE EXPLORES IN DETAIL THE IMPACT OF COMPANY FRAUD AND TWO COMMON MECHANISMS OF INVOICING FRAUD.

BDO-NEWSLETTER 9

AUDIT

Among the public institutions falling victim to fraud, federal institutions suffer the biggest (median) losses (about EUR 170,000), compared to provincial (about EUR 88,000) and local (about EUR 71,000) institutions.

When we compare the scale of losses, the study shows that the median losses of the smaller entities (fewer than 100 full-time employees) equals that of the large entities. However, the fraud they suffer has proportionally larger negative impact on the small organisations.

TYPES OF FRAUD AND CHECKSThe study also looked into how anti-fraud checks are conducted, which indicates that the external audit of accounts remains the most widely applied method of monitoring. A hefty 82% of organisations have external audits performed on their accounts.

When it comes to fraud prevention and detection, small organisations apply fewer anti-fraud checks than big ones − leaving small entities very vulnerable to fraud, which can inflict significant damage.

Moreover, it seems that the lack of internal control (29.3% of the cases) is the most obvious weak point making fraud possible. This is followed by breaches of internal control measures within the organisation (20% of cases).

Asset embezzlement is the most common type of fraud. It occurs in 83% of the cases, but causes the smallest median loss (about EUR 110,000 per company). Within embezzlement of assets, invoicing fraud mechanisms (‘billing schemes’) generate the biggest risks. They occur most frequently (22% of cases) and cause the biggest median loss (about EUR 88,000 per company).

Annual accounts fraud is the type that occurs least frequently (in less than 10% of the cases), but it causes the largest median loss at about EUR 860,000 per company.

INVOICING FRAUD MECHANISMS‘Billing schemes’ are fraud mechanisms that assume two different forms:> The use of a so-called ‘empty box’ > The use of supplier accounts

EMPTY BOXThe establishment of a company that does not include any material elements, does not have any employees, and realises no (or hardly any) economic value constitutes an ‘empty box’. Usually this empty box has only a company name, a postal address and a bank account number.

Such an empty box is used specifically to receive amounts derived from false invoices. Essentially, it works like this: the fraudster (employee of a company) establishes a mechanism in which he or she invoices the company for fictitious services. In order to do this, he or she establishes an empty box and invoices services from this empty box to his or her employer/company.

Because false invoicing for services is more difficult to track than false invoicing for goods, such a fraud mechanism is less transparent in the case of services than it is for goods. After all, if the employee of a company establishes an empty box to invoice the victim company for fictitious goods, those goods will, by definition, never be delivered. In that

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Cédric Antonelli

case, the fraud can easily be detected by comparing the company’s purchases against its stock. However, it is far more difficult to shed light on fraud for services that have never been delivered.

An empty box can also be established to play the role of a forced intermediary. In this case, the person responsible for company purchases (the client) establishes an empty box situated between the supplier and the client. He or she purchases goods from the supplier via the empty box and then sells them for a higher price to the client, who thus becomes a victim of fraud.

SUPPLIER ACCOUNTSDouble payment of supplier invoices can also be a source of fraud. This mechanism works as follows: the person responsible for paying the supplier invoices can intentionally pay an invoice incorrectly. The supplier then reimburses the fraudster for the incorrect amount. This can be the case with booking an invoice that is then paid twice.

PREVENTION You can prevent invoicing fraud mechanisms by, for example, training employees and raising awareness, properly documenting transactions, or setting up an approval system for financial transactions.

You can also limit the risk of fraudulent invoicing by applying a mechanism of systematic quote requests.

More to the point, a company can prevent fraudulent transactions

by instating an internal control procedure, in which the various responsibilities or positions are segregated appropriately.

Finally, please be aware that internal control is entirely useless if the company’s management, or the organisation itself, does not foster an ethical environment. Management must set an example. We call this the ‘Tone at the Top’ principle.

INVESTIGATION Invoicing fraud mechanisms can also be brought to light by specific investigative techniques, including in particular:> Investigating supplier complaints> On-site visits to uncover deviations

between data and reality> Using an auditing programme to

analyse the company’s financial and operational data in detail

A commonly applied investigative technique based on the analysis of company data is the analytical assessment of the evolution of the activity margins per department or per product.

Another common technique is to compare the bank details of the suppliers with the bank accounts of the organisation’s employees. This enables you to trace a supplier’s payments to an employee’s account.

PREVENTION IS CRUCIALCompany fraud is not a theoretical risk. On the contrary, fraud hits a large number of companies and causes significant damage. That’s why prevention is crucial in combatting fraud effectively. Even so, prevention is sometimes not sufficient and

special investigative techniques are necessary. The objective is to achieve a good balance between prevention and investigative measures.

For more information: Contact our colleagues in Audit: audit@bdo.be

«False invoicing of services is more difficult to track than false invoicing of goods. »

BDO-NEWSLETTER 11

FAQ

THE BELGIAN TAX ADMINISTRATION IS ALWAYS RIGHT! WOULDN'T YOU AGREE?' IF A TAXPAYER RECEIVES AN ASSESSMENT THAT HE OR SHE DISAGREES WITH, HE OR SHE CAN ALWAYS SUBMIT AN APPEAL. HOWEVER, THIS MUST TAKE PLACE WITHIN SIX MONTHS AFTER THE NOTICE OF ASSESSMENT HAS BEEN ISSUED. THIS TERM MUST BE STRICTLY RESPECTED. AFTER ALL, IF AN APPEAL IS SUBMITTED TOO LATE, IT IS NOT ADMISSIBLE AND WILL BE REJECTED OUT OF HAND, EVEN IF THE TAXPAYER WAS RIGHT ABOUT THE GROUNDS OF THE CASE. IN SUCH A CASE, AN ‘EX-OFFICIO TAX RELIEF’ MAY STILL PROVIDE A SOLUTION.

AFTER SIX MONTHS IT IS TOO LATE TO CORRECT AN ERROR VIA AN APPEAL, BUT IT IS STILL POSSIBLE WITH AN EX-OFFICIO TAX RELIEF.

APPEAL VERSUS EX-OFFICIO TAX RELIEF

Six months may seem sufficiently long, but it is not always possible to submit an appeal within that term. If the taxpayer only finds out after six months that a mistake has been made, it is impossible for him or her to still correct this by means of an appeal. In which case a so-called ex-officio tax relief may provide a solution. Do you know the exact differences between the two procedures?

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Stijn Gebruers

WHO CAN SUBMIT AN APPEAL?

WITHIN WHAT TERM MUST AN APPEAL BE SUBMITTED?

WHAT IF YOU ONLY DISCOVER THE MISTAKE AFTER SIX MONTHS?

WHEN CAN AN EX-OFFICIO TAX RELIEF BE GRANTED?

HOW MUST THE APPEAL BE SUBMITTED?

The taxpayer as well as his/her spouse can submit an appeal. That means that if the tax assessment being objected concerns the income of spouses who live together, both have the individual right to submit an appeal (even if that appeal concerns the income of the other spouse). That principle is supported by the fact that in a joint tax return, all income is merged and that the income of the one spouse can influence tax due from the other spouse. In addition, you can also submit an appeal via a mandate given to an attorney . This can, for example, be your accountant or your tax consultant.

The taxpayer has six months' time to submit an appeal. This is counted from the third working day following the date the assessment notice has been sent or as from the notice of the assessment notice.

In that case it is too late to use an appeal to point out the mistake. However, you can still request correction via an ex-officio tax relief. The term for submitting an ex-officio tax relief is five years starting from 1 January of the year in which the tax assessment was issued.

The regional director (or an official delegated by the director) can only grant an ex-officio tax relief if the case involves tax paid in excess (so-called, excess tax) as a result of a material error, double taxation, or if new facts or documents have been brought to light.

Firstly, the appeal must be drawn up in writing. There is no requirement as to how it should be submitted, as long as it is the original version. The Belgian tax administration has even made the appeal procedure less formal over the past years. For example, since 2014 it no longer needs to be signed in order to be valid. At the beginning of February 2016, the deformalising was expanded and now the appeal may also be submitted via email or fax. However, although in principle there are no special rules guaranteeing the authenticity of the sender or the appeal, the tax administration can nonetheless require the taxpayer to confirm his or her identity.

Secondly, the appeal must be motivated. This means that it must contain the arguments (facts and legal grounds) that the taxpayer invokes to object to the established tax assessment.

Finally, the taxpayer must submit the appeal to the authorised tax director. This is the regional director stated on the assessment notice. Should the taxpayer submit the appeal to another director, this does not present a serious problem. In that case that director must personally forward the appeal to the regional director in charge of the entire tax file.

BDO-NEWSLETTER 13

FAQ

WHAT IS A MATERIAL ERROR? WHEN IS DOUBLE TAXATION INVOLVED?

WHAT ARE NEW FACTS OR DOCUMENTS?

In practice, the interpretation of the concept ‘material error’ applied by the tax administration is very strict. For the tax authority, ex-officio tax relief is only possible in the event of clear calculation or written errors. An error ensuing from an incorrect legal assessment (for example, you have declared a certain income as a miscellaneous income rather than professional income) does not count as a material error. It is often difficult to distinguish, and leads to a proliferation of jurisprudence.

Examples of material errors that have been accepted are:> Certain professional expenses were mentioned and

supporting evidence was provided in an attachment that was added to the tax return, but they were not included in the tax return form itself;

> Travelling expenses paid out by the employer were included as taxable income.

Nobody is perfect, which is how excess tax can also arise from material errors on the part of the tax administration itself. For example, you can submit a request for ex-officio tax relief if for certain income, another taxpayer then the beneficiary of the income has been taxed.

If a taxpayer or multiple taxpayers are taxed twice for the same income during the same or during different assessment year(s), this is double taxation.

Examples of double taxation include:> Professional income that is taxed in Belgium as well as

abroad > Tax for the cadastral income of a sold house imposed

on both the old and the new owner

New facts or documents are elements that a taxpayer could not notify the tax administration of any earlier. This does not necessarily mean that those elements must be recent. It suffices if they are new to the tax file. However, please note that a new view of jurisprudence cannot be invoked as a new fact unless it is a judgement of the Constitutional Court.

Examples of new facts or documents include:> The fact that a person declared bankrupt has regained

access to his or her accounting > The fact that the taxpayer could not notify the tax

administration of certain elements due to illness

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Stijn Gebruers

For more information: Contact our colleagues in Tax: tax@bdo.be

IN WHICH OTHER CASES CAN AN EX-OFFICIO TAX RELIEF BE REQUESTED?

WHAT IF THE BELGIAN TAX ADMINISTRATION ITSELF INCURRED THE EXCESS TAX?

DOES THIS MEAN THE EX-OFFICIO TAX RELIEF IS THE IDEAL SAFETY NET?

In Belgium, quite a few tax reductions (both federal and regional) are granted. Due to the large number, a taxpayer can sometimes forget to request a certain reduction. Thus the possibility was created to request an ex-officio tax relief for all federal and regional tax reductions that the taxpayer did not include in his or her tax declaration.

In addition, you can also request an ex-officio tax relief or repayment of excess of withholding taxes and prepayments. From the time at which a tax assessment is established, all withholding taxes and prepayments paid (e.g. professional withholding tax) are settled with the amount of tax payable at declaration. If this still has not taken place (or has not been done correctly) for one or more reasons, then you can also request tax relief for this after the appeal term has expired.

In that case the tax administration is obliged to grant an tax relief itself for the excess tax.

No. Even though the taxpayer may receive tax relief from taxes even after the possibility of submitting an appeal has expired, the primary difference with an appeal is that it is only possible in a limited number of cases. In addition, an ex-officio tax relief only remains possible if no final judgement is made on the merits of the case included in an appeal that has been submitted to the tax administration about the same tax declaration and basis.

« Did you forget to declare a tax reduction? Request an ex-officio tax relief. »

BDO-NEWSLETTER 15

LEGAL

E-COMMERCE: A NEW AGE FOR ONLINE DISPUTE RESOLUTION

E-COMMERCE IS BOOMING, BUT IT STILL RUNS INTO FAR TOO MANY OBSTACLES ALONG THE WAY. WITH THE ‘ONLINE DISPUTE RESOLUTION’ PLATFORM, EUROPE SEEKS TO BOOST TRUST BETWEEN BUYERS AND SELLERS, THUS MAXIMISING ONLINE TRADE POTENTIAL.

The European ‘Online Dispute Resolution’-platform or ODR platform has been operational and accessible for traders and consumers in the European Union since 15 February 2016. This platform is the official European channel for online dispute settlement. Moreover, is it is available in your own language and can be used via a European Union interactive website at http://ec.europa.eu/odr/.

FOSTERING CONSUMER CONFIDENCE AND (CROSS-BORDER) TRADE The European initiative to expand an ODR platform signals its recognition that the digital dimension of the European (internal) market is crucial for both consumers and entrepreneurs: after all, consumers increasingly buy online and vice versa, a rising percentage of entrepreneurs sell via the worldwide web.

However, the potential of cross-border trade can only be fully developed if consumers and entrepreneurs have sufficient confidence in online transactions. European policy must boost that consumer confidence. The fact that buyer as well as seller now have a trustworthy, efficient online dispute resolution platform (ODR) can only boost this confidence.

In practice, the ODR platform provides consumers and sellers with a high-quality means of solving a complaint

or resolving a dispute. This is simpler, quicker and cheaper than the traditional legal procedure. What is more is that the platform is a solution to eliminate the legal backlog, thus safeguarding the right of European citizens to a fair process within a reasonable time period.

ADDITIONAL INFORMATION REQUIREMENTS: WHAT CHANGES DOES THIS IMPLY TO YOUR WEB SHOP?The ODR platform is not entirely free of obligation. E-commerce traders are obliged to explicitly inform their webshop’s visitors and clients that they have the option of seeking online mediation via the ODR platform. This specifically means that the link to the ODR platform (http://ec.europa.eu/odr/) and their email address must be displayed at the following sites:> Trader’s website > Emails with advertising and consumer

offers;> General terms and conditions for

online sale and service agreements.

THE ODR PLATFORM PROVIDES AN ALTERNATIVE TO SOLVING E-COMMERCE COMPLAINTS AND RESOLVING DISPUTES. THIS IS SIMPLER, QUICKER AND CHEAPER THAN THE TRADITIONAL LEGAL PROCEDURE.

16 2thePOINT | #2 | 2016

Simon Duerinckx

Everyone with a webshop is advised to comply with this extra information requirement as soon as possible.

HOW DOES THE ODR PLATFORM WORK? The ODR platform is an interactive website with one unique access point for consumers and e-commerce traders that wish to resolve a dispute regarding an online transaction outside court. The purpose of the platform is to resolve all disputes, national as well as international, quickly and efficiently. However, please note that the system only applies for complaints between European parties. It does not have global support.

The entire procedure is conducted online. It can concern a consumer’s complaint against a seller, but it can also concern a seller’s complaint against a consumer (which will be less common).

Anyone who wishes to use the platform must follow four steps:

1. The consumer or seller navigates to the ODR platform (http://ec.europa.eu/odr/) and fills out an online complaint form.

2. The complaint is forwarded to the seller or consumer in question. The person submitting the complaint suggests a competent body for disputes to the counterparty. The list of dispute resolution bodies can be found on the ODR platform. In Belgium, the following dispute resolution bodies exist:> Travel Disputes Committee> Insurance Ombudsman> Financial Disputes Ombudsman

(Ombudsfin)

> Notaries Ombudsman> Consumer Ombudsman Service

Both parties must agree with the choice of competent body for disputes.

3. If both parties agree on the competent body for disputes, the ODR platform automatically forwards the file to the competent body for disputes chosen. That body must then notify the parties whether or not it will handle the complaint. If the complaint is accepted, the body notifies both parties of the costs and the procedure to be followed.

4. The competent body for disputes handles the procedure and the case entirely online and undertakes to propose a solution within 90 calendar days.

Please note that mediation via the ODR system always occurs on a voluntary basis. If a consumer or trader refuses to cooperate, a court must by necessity resolve the dispute. For simple disputes, legal experts may be able to find a resolution through a short debate procedure or even settle the case at a preliminary hearing there.

AND HOW ABOUT DISPUTES BETWEEN TRADERS (B2B)?For disputes between traders, there is already an extra-judicial dispute resolution platform: the so-called ‘Belmed’-platform (www.belmed.fgov.be).

Only traders registered with the Belgian Crossroads Bank for Enterprises can be handled there. A foreign enterprise can also make use of Belmed, on the condition that it concerns a dispute with a Belgian enterprise.However, the Belmed platform cannot be used to resolve disputes concerning fraud, deception or disputes associated with tax or social law.

For more information:Contact our colleagues in Legal: legal@bdo.be

« Mediation via the ODR system always occurs on a voluntary basis.»

SUCCESS OR NOT?

The ODR platform can be a useful instrument to boost consumer confidence and thus further stimulate European online sales. It can also serve as an alternative for avoiding legal procedures. The success of this second objective strongly depends on the extent to which parties will be prepared to cooperate on a voluntary basis. In turn, the quality of the dispute resolution bodies’ work is a factor of decisive importance. Only time will tell. To be continued...

BDO-NEWSLETTER 17

TAX

NEW TAX AND SOCIAL SECURITY REGULARISATION COMING SOON (‘EBA/DLU QUATER’)

ON 29 MARCH 2016 THE FEDERAL GOVERNMENT SUBMITTED THE ‘NEW’ BILL REGARDING A PERMANENT SYSTEM FOR TAX AND SOCIAL SECURITY REGULARISATION. THE NEW TEXT WILL COME INTO EFFECT ON THE 1ST DAY OF THE MONTH FOLLOWING ITS PUBLICATION IN THE BELGIAN OFFICIAL GAZETTE. NOTE: AT THE TIME OF WRITING THIS ARTICLE THE CHAMBER OF REPRESENTATIVES HAD NOT YET ADOPTED THE LEGAL TEXT.

In the past taxpayers have had various possibilities to voluntarily and spontaneously declare their undeclared income and capital, and thus to regularise their situation and benefit from tax and criminal amnesty.

Already in 2004, for example, the law provided the possibility to submit a unique liberatory declaration (abbreviated to ‘EBA/DLU’). On 1 January 2006 this temporary system was replaced by procedure of permanent tax regularisation at the ‘Regularisations Contact Point’, organised within the

Department of Rulings in Tax Matters (‘EBA/DLU bis’). That system was then expanded to social security contributions for the period from 15 July 2013 to 31 December 2013 (‘EBA/DLU ter’). It was then abolished on that date.

As such since 1 January 2014 there has not been a regularisation system in place. However, a spontaneous rectification of the tax situation of taxpayers remains possible with the local inspection office or the special tax inspectorate.

NEW TAX REGULARISATION PROCEDURE For 2016 the government is considering the introduction of a new tax regularisation procedure (‘EBA/DLU quater’). This new EBA/DLU is not limited in time. The draft arrangement is strongly based on the previous system of regularisation that applied until 31 December 2013. Nonetheless, there are some differences:> A distinction is no longer made

between ordinary tax fraud and serious tax fraud

> The rules on the burden of proof have changed

> The insurance tax is included in the regulation

> Capital incorporated in legal constructions and foreign insurance products and capital in foreign bank accounts are explicitly stated

> For the regional taxes a regularisation will only be possible for the taxes for which the federal government still provides the administrative service and for which a cooperation agreement has been concluded

THE NEW REGULARISATION OFFERS TAX, SOCIAL SECURITY AND CRIMINAL AMNESTY ON INCOME AND CAPITAL.

18 2thePOINT | #2 | 2016

Bruno Orban

LEGAL CONSEQUENCES OF THE EBA/DLU QUATER REGULARISATIONJust as with the previous system, the taxpayer that invokes the new regularisation will benefit from tax, social security and criminal amnesty on the declared income and capital. On a tax level the regularised income will no longer be subject to tax (including increases, fines or interest on arrears). The same applies to social security contributions for the self-employed. On a criminal level, the declarant will be exempt from prosecution for breaches relating to tax or social security fraud.

However, the regularisation will have no effect if:> The regularised income, sums, VAT

operations or capital originate from illegal activities or the performance of money laundering operations

> The declarant was informed, before submitting the regularisation declaration, of ongoing specific investigative operations by a Belgian judicial department, by a Belgian tax administration, a social security institution or a Belgian social security inspectorate or FPS Economy

> The declarant has already submitted a regularisation declaration under the new procedure

PRICE TAG OF THE EBA/DLU QUATER REGULARISATION?The non-prescribed income and capital (the tax time bar is seven years for income and 10 years for inheritances) are subject to the original tax to be paid, plus 20%. The taxpayer thus has to pay the taxes that normally would have been paid if the income had been declared. Plus a penalty of 20% of the income.

An example: the taxpayer that did not declare a dividend in 2014 will be subject to a levy at a rate of 45%, i.e. 25% (the withholding tax rate on dividends since 2013) plus a penalty of 20%.

The same principle applies for non-prescribed VAT transactions. These are subject to a levy equal to the original rate to be paid plus 20%. An exception here is the cases in which the tax regularisation already relates to professional income subject to income tax.

The prescribed income and capital for tax purposes is subject to a levy. An exception here is the case in which the taxpayer can demonstrate the legal origin of the capital by means of written evidence. If the taxpayer cannot prove that his or her income or capital is not of a dubious origin, then he or she is subject to a levy of 36% on the capital, irrespective of whether that capital is held in the form of life insurance, a foreign account or a legal construction (trust, foundation, offshore company, etc.).

Declarants with professional income as a self-employed person may also request a regularisation of social security contributions. The levy is 15% of the professional income, but does not give entitlement to social security benefits.

The percentages mentioned above are to be gradually increased from 1 January 2017 to 1 January 2020:

As regularisation is an exceptional procedure, the levy remains definitive and irrevocable. In other words, one cannot lodge an administrative or judicial appeal under any circumstances. Moreover, no offset of the levy is possible (neither advance taxes, nor advance payments, nor taxation in the state of residence) and no account is taken of any tax reductions or credits.

For more information: Contact our colleagues in Tax: tax@bdo.be

« The new EBA/DLU no longer makes a distinction between ordinary tax fraud and serious tax fraud.»

Regularisation of social security contributions

Regularisation of income, sums and VAT transactions

Regularisation of time-barred capital for tax purposes

1.01.2016 15 % 20 % 36 %

1.01.2017 17 % 22 % 37 %

1.01.2018 18 % 23 % 38 %

1.01.2019 19 % 24 % 39 %

1.01.2020 20 % 25 % 40 %

BDO-NEWSLETTER 19

TAX

FOR PROFITS THAT ARE NOT INCLUDED IN THE SIMPLIFIED SECURE ARRANGEMENT AND THE NORMAL LIQUIDATION RESERVES THERE IS A SPECIAL RATE, THE SO-CALLED SPECIAL LIQUIDATION RESERVE.

TAX RATES FOR DIVIDEND PAYMENTS. CURRENT SITUATION

SIMPLIFIED SECURE ARRANGEMENTThe special rate of the simplified secure arrangement (vastklikregeling) was a transitional arrangement that can no longer be applied. It was an interesting way to pay less withholding tax. For example, companies could include their taxable reserves as they existed before 31 March 2013 in the capital after being appraised at 10%. Later liquidation of the company or a capital reduction will not lead to retention of withholding tax from the payment to shareholders. For this purpose, the reserves converted into tax capital must be retained within the company for a few years: four years for an SME, eight years for a

FOR DIVIDENDS THAT ARE MADE PAYABLE STARTING FROM 1 JANUARY 2016, THE GENERAL TAX RATE HAS BEEN RAISED FROM 25 TO 27%. HOWEVER, THERE ARE VARIOUS SPECIAL RATES FOR THE BENEFIT OF THE SHAREHOLDERS. BELOW WE PROVIDE AN OVERVIEW OF THE SPECIAL RATES POSSIBLE FOR DIVIDEND PAYMENTS, ALONG WITH MORE DETAILS ABOUT THE MOST RECENT CHANGES TO THOSE RATES.

20 2thePOINT | #2 | 2016

Bart Janssens - Sofie Andries

large enterprise. Because those terms have not yet expired, the simplified secure arrangement still applies to the companies using this measure.

If the company cannot wait this long before implementing a capital reduction, an additional levy will be applied based on the term that has already passed (17%, 10%, or 5%).

LIQUIDATION RESERVE

N ORMAL LIQUIDATION RESERVEThe temporary nature of the simplified secure arrangement formed the step up to a permanent transitional arrangement that was to alleviate the issue of an appraisal

of the liquidation bonuses at 25% (starting from 1 October 2014). The special rate of the normal liquidation reserve allows small companies (according to the definition of Art. 15 of the Companies Code) to transfer their accounting profits (after taxes) to one or more separate liability accounts (inviolability provision) in whole or in part, starting from assessment year 2015 (i.e. financial years that end on 31 December 2014 or later).

Upon advancement, an immediate levy of 10% is also immediately due. The liquidation reserve built up can be paid out tax-free to the shareholders in case of a later liquidation of the company. However, if the liquidation reserve is paid out

earlier, then an additional amount of withholding tax is due according to the term that has passed.This additional levy amounts to 17% if you pay out the dividend within five years starting from the taxable period in which the booking of the liquidation reserve took place. After this five years period, the payment is subject to the 5% rate.In case of early payment, the so-called FIFO-method (first in, first out) is applied. Dividend payments that concern the liquidation reserves created are first attributed to the oldest liquidation reserve in order to determine the additional rate that is to be applied (taking into account whether the five-year period has passed).

The 10% tax rate due when the liquidation reserve is created is fixed and cannot be recovered later when the company is liquidated if the losses carried forward exceed the liquidation reserves. In addition, there are undesirable side effects for companies-shareholders who benefit from an exemption from withholding tax on normal dividends and are confronted with a separate withholding of 10% corporate tax that they cannot set off.

BDO-NEWSLETTER 21

TAX

SPECIAL LIQUIDATION RESERVEThe government introduced a special regime, the so-called special liquidation reserve, for profits that are not included in the application area of the simplified secure arrangement of the normal liquidation reserve. This regime applies to the profits of the assessment years 2013 (financial year 2012) and 2014 (financial year 2013). Bigger companies cannot invoke this special measure.

Whoever wishes to apply the special rate of 10%, must submit a special declaration form. Just like with the normal liquidation reserve, the accumulated liquidation reserve can be paid out tax-free in case of a later liquidation. However, if you do not wait for the liquidation, again the five-year period rule applies when determining the rate of the additional levy. Five percent for payments after five years and 17% for payments within five years, starting from the

taxable period in which the reserve was created.

For profits that concern the assessment year 2013, you can no longer invoke the special regime. The deadline for creation of the reserve was 30 November 2015. For profits of the assessment year 2014, you have until 30 November 2016.

VVPRBISAnother special rate concerns the VVPRbis arrangement (Verminderde Voorheffing-Précompte Réduit; a reduced withholding tax rate arrangement). The application area is also limited to dividends paid out by small companies (according to the definition of Art. 15 of the Companies Code). A precondition is that these dividend payments concern shares that have been issued as a result of a cash contribution (at establishment or after a capital increase) since 1 July 2013. In this context, it is important that the shareholders have

continuously remained full owners of the shares since the capital injection.

Meeting those conditions ensures that the normal rate is reduced to 20% for dividends awarded from the profit-sharing of the second financial year following the contribution. The rate is reduced to 15% for the financial years which follow. However, for dividends from the profit for the first financial year the normal rate of 27% withholding tax applies.

PUBLIC PROPERTY INVESTMENT FUND AND REGULATED REAL ESTATE COMPANY Shareholders can indirectly invest in ‘paper’ real estate via the public property investment fund and the regulated real estate company (RREC). The investors are the shareholders of the real estate company and obtain a share of

22 2thePOINT | #2 | 2016

the profit by means of dividend payments. A real estate investment fund and an RREC differ legally, but tax treatment of the dividend payments is the same.

In the past, those dividends were subject to a special rate of 15% withholding tax, but since the tax shift this was increased to the general rate of 27%. FOREIGN BENEFICIARIESIn order to ensure Belgian legislation is in line with the ruling of the European Court of Justice (the Tate & Lyle case), Belgium introduced a special rate of withholding tax on dividends of 1.6995% starting from 1 January 2016. That rate applies to dividends that Belgian companies pay out to companies with a participation of less than 10%, but with an investment value exceeding EUR 2.5 million. In addition, two more conditions must be met:> A minimum retention period of one

year > The foreign company cannot offset

the withholding tax in its country of business

REDUCTION OR EXEMPTION BASED ON DOUBLE TAXATION TREATIES (ENTERED INTO BY BELGIUM) AND THE EUROPEAN PARENT-SUBSIDIARY DIRECTIVE Belgium provides an exemption from withholding tax for dividends paid out by a ‘subsidiary’ to its ‘parent company’. This exemption applies in a purely domestic context as well as for dividends paid out by a Belgian subsidiary to a foreign parent company. One of the conditions to be able to benefit from that exemption is (in both cases) that the parent company retains a minimum participation of 10% for an uninterrupted period of at least one year.

For dividend payments to foreign shareholders that are not included in the above-mentioned conditions, a reduction or exemption from withholding tax is possible depending on the applicable double taxation convention.

For more information: Contact our colleagues in Tax: tax@bdo.be

« The simplified secure arrangement for the liquidation bonuses was the step-up to a permanent transitional arrangement.»

Bart Janssens - Sofie Andries

BDO-NEWSLETTER 23

BELGIUM 4TH MOST ATTRACTIVE (INNOVATION) ECONOMY IN THE WORLD

BELGIUM IS RANKED AMONG THE TOP MOST ATTRACTIVE INVESTMENT COUNTRIES TO ESTABLISH OPERATIONS, ACCORDING TO OUR ‘INTERNATIONAL BUSINESS COMPASS’, A STUDY INTO THE INNOVATIVE CAPACITY OF 174 COUNTRIES. OUR COUNTRY LARGELY OWES ITS RANKING TO THE EXCELLENT ECONOMIC ENVIRONMENT. BELGIUM SCORES LESS WELL WHEN IT COMES TO THE POLITICAL AND SOCIO-CULTURAL CLIMATE, WHICH IS ULTIMATELY WHY WE STILL (OR ONLY) END UP IN 13TH PLACE.

“ WE ARE ON THE PRECIPICE OF A NEW, UNPRECEDENTED INNOVATION BOOM.„DR. HENNING VÖPEL, DIRECTOR OF HWWI.

24 2thePOINT | #2 | 2016

Ann Celis

Already since 2012, BDO has been researching the social and economic development of 174 countries worldwide in concert with the Hamburg Institute of International Economics (HWWI - www.hwwi.org). We map the results on an International Business Compass (IBC) or a business compass. As a matter of fact this year the study is making an appearance for the fifth time already. The intense cooperation is mainly supported by mutual expertise and BDO’s worldwide network (1,400 offices spread across 154 countries).

The 2016 edition focuses on a country’s innovation capacity. After all, a country’s innovative capacity will be decisive in the coming years for a company’s decision of whether or not to establish operations. � There are several indications that we are on the precipice of a new, unprecedented innovation boom. �, Dr. Henning Vöpel, Director of the HWWI, says. � More specifically, digitisation will help shape our future society through the use of high-tech applications, such as digital intelligence, robotics and 3D printing. �

The fertility of our breeding ground for innovation is determined by three factors: the economic, political and socio-cultural environment of the country.

STRONG ECONOMIC CLIMATE

Belgium boasts 13th place worldwide if we analyse these three parameters together. This means our country has risen two places on BDO’s business compass compared to 2014, having vaulted over both Sweden and the United States. Hong Kong is the global number one, followed closely by Singapore and the Netherlands (the top European country in the ranking).

If we only take the first parameter into account, i.e. a country’s economic climate, then Belgium is actually the fourth most attractive country worldwide to establish operations today. Our country scores significantly lower when it comes to the political (18) and socio-cultural (22) aspects. � This strong fourth place on the economic level is thanks to two important factors: Belgium’s central location in Europe and the international focus of its financial policy, �, Hans Wilmots, CEO of BDO, explains. � On the political and socio-cultural level, there is still room for improvement, despite our solid 13th place in the final ranking. Specific things that come to mind include public funding for research and development as well as innovative educational programmes and creative entrepreneurship �

Currently the private, public and educational sectors in Belgium spend less than the Eurozone average on innovation, at about 2%, meaning we are still a long way off from the EU’s target percentage of 3%. Belgium also scores poorly when it comes to patent applications: only 1.5% of European patent applications.

SPACE FOR INNOVATION

According to BDO, the extent to which a country offers opportunities for developing successful innovations will only become more important in a company’s selection of a location for operations. An innovative climate is vital for turning a country into a strong (and attractive) player, in addition to a favourable tax climate, good business infrastructure and a sufficient number of highly-skilled employees.

The role of the government in this should not be underestimated. “Schools must invest even more in innovative educational programmes, paying more attention to every kind of creative industry (including intellectual property) that has a connection with entrepreneurship”, Hans Wilmots finds. “It is high time that we look at innovation from a more comprehensive angle, beyond a strict sense of technology. Ultimately it is the combination of technology and science, intelligent business concepts and input from the creative industry that offers the best opportunities for tomorrow’s economy.”

For more information :Would you like to further compare markets? Be sure to ask for your personal password.

THE STUDY

The BDO study ‘International Business Compass 2016’ collects results in a general index. In this way one gets a concise overview of market opportunities in nearly every country in the world. Apart from consulting the study, you can also easily compare certain countries with each other on the website, or download the executive summary free of charge at www.bdo-ibc.com/home/.

“ BELGIUM’S SOLID 4TH PLACE ON THE ECONOMIC LEVEL IS THANKS TO ITS CENTRAL LOCATION IN EUROPE AND ITS FINANCIAL POLICY.„HANS WILMOTS, BDO CEO

BDO-NEWSLETTER 25

BDO GOES POP-UP (Herentals - Opglabbeek - Turnhout)

BDO INTRODUCED ITS POP-UP CONTAINER IN 3 REGIONS TO MEET WITH LOCAL ENTREPRENEURS AND GIVE THEM A TASTE OF SOME OF THE GUEST SPEAKERS' INTERESTING IDEAS.

26 2thePOINT | #2 | 2016

BDO GOES POP-UP (Herentals - Opglabbeek - Turnhout)

BDO-NEWSLETTER 27

BDO IS CURRENTLY LOOKING TO FILL THE FOLLOWING POSITIONS

FINANCIAL AUDIT l Assistant Financial Audit (Ghent/Roulers)l Senior Financial Audit (Brussels Region)l Senior Financial Audit (Cluster Ghent/

Roulers)l Senior Financial Audit (Cluster Antwerp/

Hasselt)l Supervisor International Financial

Reporting Advisory (Wallonia)

ACCOUNTINGl Assistant Accountancy (Antwerp)l Senior Accountant (German speaking)l Supervisor Accountancy (Brussels Region) l Accountancy Manager (Cluster Brussels)l Accountancy Manager (Cluster Ghent/

Roulers)l Accountancy Manager (Cluster Liège/

Namur)

REPORTINGl Assistant Reporting (National)

TAXl Senior Tax (Brussels Region)l Senior Tax (Cluster Antwerp/Hasselt)l Senior Tax (Cluster Ghent/Roulers)l Supervisor Tax (Hasselt)l Senior Manager Tax (Brussels Airport)l Senior Manager Tax (Antwerp)l Senior Tax VAT (National)l Manager Tax VAT (Wallonia)l Manager Tax Estate planning (National)l Manager Tax International Income Tax

(National)

LEGALl Senior Manager Legal (Brussels)l Senior Manager Legal (Antwerp)l Senior Manager Social law (Liège/Namur)l Senior Advisor Legal (Liège)

CORPORATE FINANCEl Senior Financial Modeller (Brussels or

Antwerp)

CENTRAL SERVICESl Business Development Manager Brussels

(Central services)l Marketing Advisor (Brussels or Antwerp)

BDO ANTWERPENUitbreidingstraat 72/1B-2600 AntwerpenT. +32 (0)3 230.58.40F. +32 (0)3 218.45.15bdoantwerpen@bdo.be

BDO BRUSSELS (AIRPORT)The Corporate VillageDa Vincilaan 9, Box E.6B-1935 ZaventemT. +32 (0)2 778.01.00F. +32 (0)2 771.56.56bdobrussel@bdo.be

BDO BRUSSELS (CENTRE)Blue TowerLouisalaan 326 bus 30B-1050 BrusselT. +32 (0)2 640.07.96F. +32 (0)2 640.53.43bdobrusselscentre@bdo.be

BDO GENTAxxes Business ParkGuldensporenpark 100 - blok KB-9820 MerelbekeT. +32 (0)9 210.54.10F. +32 (0)9 232.43.40bdogent@bdo.be

BDO HASSELTPrins Bisschopssingel 36/3B-3500 HasseltT. +32 (0)11 28.60.60F. +32 (0)11 28.52.78bdohasselt@bdo.be

BDO LA HULPENysdam Office ParkAvenue Reine Astrid 92B-1310 La HulpeT. +32 (0)2 352.04.90F. +32 (0)2 351.04.87bdolahulpe@bdo.be

BDO LIÈGERue Waucomont 51B-4651 BatticeT. +32 (0)87 69.30.00F. +32 (0)87 67.93.58bdobattice@bdo.be

BDO NAMUR-CHARLEROIParc Scientifique CrealysRue Camille Hubert 1B-5032 Les IsnesT. +32 (0)81 20.87.87F. +32 (0)81 20.14.14bdonamur@bdo.be

BDO ROESELAREAccent Business ParkKwadestraat 153/5B-8800 RoeselareT. +32 (0)51 26.08.40F. +32 (0)51 24.10.89bdoroeselare@bdo.be

BDO Services CVBA / SCRL, a limited liability company incorporated in Belgium, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

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