Legal News
Implications of new EU social security Regulation on supplementary pension capital
02.07.10 |
Every supplementary pension capital paid out in Belgium is subject to two withholdings by way of social security contribution: the contribution relating to the legal sickness insurance (3.55 % of the pension capital) and the so called solidarity contribution (2 % of the pension capital). These two withholdings are also carried out on supplementary pension capital paid by Belgian group insurers or Belgian pension funds to people who live abroad and who are not subject to Belgian social security.
Transfer premium for lighter work
07.06.10 |
Older employees who transfer from heavy work duties to lighter work – while in service for the same employer and with his consent– and suffer a income loss, can once in their professional career apply for a so-called transfer premium with a payment institution of their choice as from 1 May 2010(1).
Recharged capital losses on shares not deductible
19.05.10 |
The Court of First Instance of Brussels recently (16 April 2010) ruled that capital losses on shares recharged by a non-resident parent company to its Belgian subsidiary are not deductible. To the best of our knowledge, this is the first time a court has rendered a (negative) decision on this matter. This court decision conflicts with the approach generally adopted in practice by multinational enterprises in respect of global stock option plans.
Timely preparation, submission and filing of annual accounts
18.05.10 |
The managing body of Belgian companies (“companies limited by shares, private limited liability companies, cooperative companies ") is obliged to prepare its annual accounts, to submit them to the annual ordinary general meeting and to file its annual accounts with the National Bank of Belgium within the legally foreseen terms.
The act on the corporate governance statement and the remuneration of directors and executives of listed companies
26.03.10 |
In the wake of various international initiatives, the Belgian legislator has set its rules on the bonuses and severance payments for the directors and executives of listed companies, as announced frequently by the press during the last few months. These new rules are included in a broader act “on the enhancement of corporate governance for listed companies and autonomous public undertakings and on the amendment of the rules with regard to the prohibition against pursuing functions in the banking and financial sector”. The text of the act is final and is awaiting publication in a few days.
