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Belgium Cabinet Approves Draft Bill to Introduce Brexit Transitional Tax Provisions

Belgium Cabinet Approves Draft Bill to Introduce Brexit Transitional Tax Provisions

The Belgian Council of Ministers Oct. 18 approved a draft bill to introduce transitional tax provisions for various transactions between Belgian and U.K. businesses and residents in anticipation of Brexit. The draft bill includes measures that would provide a transitional period for: 1) insurance benefits in contracts concluded on or before Dec. 31; 2) withholding tax exemptions for remuneration due to researchers completing R&D projects with universities; 3) capital gains realized before Dec. 31, relating to private investment companies in the U.K; 4) transactions and contributions concerning U.K. companies that occur before but gazetted after Dec. 31; and 5.