September 28, 2025

G.A.A.R. or S.A.A.R.? Effect of the Nordcurrent Decision in Belgium, the Netherlands, and Luxembourg

September 28, 2025/ Ruchelman P.L.L.C.

Earlier this year, the C.J.E.U. issued its anticipated judgment in the Nordcurrent case (C-228/24). The judgment concerns the extension of the anti-abuse rule in the E.U. Parent-Subsidiary Directive (“‘P.S.D.”) to national participation exemption mechanisms. The ruling has significant implications and resonance in Belgium and the Netherlands, less so in Luxembourg, In their article (1) Werner Heyvaert, a Partner, and Yannick Vandenplas, an Associate, in the Brussels office of AKD Benelux Lawyers, (2), Jan-Willem Beijk and Anton Akimov, Partners in the Netherlands practice of AKD Benelux Lawyers, and (3) Maria-Clara Vassil, a Senior Associate, and Sanja Vasic, an Associate in the Luxembourg office of AKD Benelux Lawyers provide a clear summary and analysis of the case, explore its practical implications in their respective countries, and offer a perspective on its broader impact.

March 25, 2025

New Belgian Federal Government Announces Significant New Tax Measures

March 25, 2025/ Ruchelman P.L.L.C.

The most recent general election in Belgium took place in June, but a new government was not sworn in until February, when the five-member coalition government agreed to a federal government agreement, a document of 200 pages in a single language containing many significant tax measures. Tax items addressed include, inter alia, (i) the replacement of a dividends received deduction by a simple exclusion, (ii) the modernization of the group contribution regime, the Belgian equivalent of group relief, making it more flexible and simpler to coordinate, (iii) the simplification of the investment deduction rules, the Belgian equivalent of investment credits in the U.S., (iv) the adoption of accelerated depreciation rules for CAPEX investments, (v) the adoption of a “solidarity contribution,” a 10% capital gains tax on financial assets held by individuals, allowing a basis step-up to current value as of the effective date of the tax, (vi) simplification of disallowed expense rules, and (vii) the adoption of carried interest rules for managers of investment funds. Werner Heyvaert, a senior international tax lawyer based in Brussels and a partner at AKD Benelux Law Firm explains these and other tax provisions. The takeaway is that Belgium is modernizing its tax rules.

November 29, 2022

Key Features of the New-Fangled Belgium-France Income Tax Treaty

November 29, 2022/ Ruchelman P.L.L.C.

After nearly two decades of negotiations, Belgium and France signed a new Income Tax Treaty in November 2021. The new treaty is in line with the latest O.E.C.D. standards, incorporates the applicable provisions of the Multilateral Instrument, and addresses salient tax issues for taxpayers engaging in cross-border transactions involving the two countries. Key aspects of the New Treaty relate to closing loopholes, expanding coverage to include wealth taxes, and retaining favorable treatment for Belgian investors in French S.C.I.’s. Werner Heyvaert, a partner at AKD Benelux Lawyers, Brussels, and Vicky Sheikh Mohammad, a tax lawyer at the same firm, explain all.

November 29, 2021

Five Reasons Why the Legal Professional Privilege of Belgian Lawyers is Incompatible With the Mandatory Reporting Under D.A.C.6

November 29, 2021/ Ruchelman P.L.L.C.

D.A.C.6 in the E.U. requires Member States to impose a disclosure obligation on intermediaries who advise on, or are involved in, implementing aggressive cross-border arrangements. This poses a conundrum for tax lawyers involved in a transaction because, whatever they do, rights of taxpayers and duties of attorneys to maintain client confidences may be ignored, or significantly cut back. In Belgium, the approach is to ignore Belgian case law that recognizes the obligations of lawyers to keep confidences and forces attorneys to violate various obligations to clients. Not surprisingly, the Belgian Bar Councils and the Belgian Association of Tax Lawyers have challenged the restrictive interpretation of the L.P.P. before national and European courts. Werner Heyvaert, a partner at the Brussels office of AKD Benelux Lawyers, and Vicky Sheikh Mohammad, an associate at the Brussels Office of AKD Benelux Lawyers, explain the five reasons why Belgian implementation of D.A.C.6 is flawed. The case is currently under consideration by the C.J.E.U.