BDO newsletter 2014-1

01
2014
the point
BDO newsletter
BDO Management
Advisory increases
efficiency and quality
FAQ
Are you ready for SEPA?
TAX
Fairness tax: some clarifications
Partnership news
Interview Jozef Lievens: Professionalisation
and private equity go hand in hand
www.bdo.be
editorial
COLOphON
As you can see, our Newsletter has a new look. Financial, legal and tax language is
sometimes difficult to digest, and describing this complex and constantly evolving
subject to you in a clear and informative way is a constant challenge for us. We want
to be “to the point” in this regard, hence the new name for our Newsletter.
#01 | 2014
The collaboration in the context of our partnerships often gives us new, broader
perspectives, and obviously we want to share these with you. We as such also want
to let an external expert be heard in this Newsletter on a regular basis, in the form
of an interview. It is no coincidence that our first guest is Jozef Lievens, founder and
inspirer of the Institute for Family Businesses (Instituut voor het Familiebedrijf, IFB).
Editorial board
BDO is a structural partner of the IFB, which is no surprise given our shared focus on
a long-term relationship with, and passion for, family businesses and entrepreneurs.
BDO newsletter
Werner Lapage
Hans Wilmots
Dirk Vandendaele
Ann Celis
Cindy De Bock
Annick Deklerck
© BDO 2014 : The information
contained in this Newsletter is of an
informative and general nature and is
not intended as professional advice.
Our advisors are at your disposal for
more in-depth advice and to take
appropriate action. Should you want us
to send our 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,
French or German.
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
A family business does not automatically imply a small-scale or conservative scope,
quite the contrary. In fact, three-quarters of the businesses that drive the Belgian
economy are family-owned. Moreover, of the companies with a turnover of more
than EUR 200 million, more than half are family businesses.
The challenges facing these companies are massive. In these crisis-dominated times
there is great uncertainty, and therefore also a need for guidance.
Increased professionalisation and attention to corporate governance require a
significant deployment of people and resources. In addition, further growth often
depends on attracting (external) sources of financing. Perhaps the main challenge
specific to family businesses is the succession and transfer problem that will arise for
many companies during the coming decade. A transfer or succession is not a decision
taken lightly, but instead a well-thought-out process than often takes several years.
It is no surprise that the IFB and BDO are collaborating and exchanging knowledge in
this area. Both parties have an in-depth knowledge of and many years’ experience in
all aspects associated with family businesses. Topics such as “Transferring the Family
Business” and “Financing the Company” are comprehensively explained in brochures
and seminars in which the theoretical context is supplemented by practical case
studies. These brochures are available free of charge.
A healthy family business does not have a parochial mindset and also dares to
look abroad if opportunities arise. The international dimension of business and
globalisation create fantastic opportunities, but just like the issue of succession they
must be very well prepared and supported. BDO can also help you with this, through
its worldwide network, by listening carefully to your needs, etc.
Did you find the data sheet in this edition? It will keep you up to speed with the
latest information. After all, you too like to be “to the point” in your professional
contacts!
Werner Lapage
Chairman of the Editorial board
contents
4
8 12
14 24
COVER STORY
BDO Management Advisory increases efficiency and quality
4
AUDIT
IFRS news
7
LEGAL
Law on the harmonization blue
and white collar workers enacted 8
FAQ
Ready for SEPA?
12
TAX
2013 Year-end tax legislation 14
VAT obligations: blank slate for lawyers?
16
Fairness tax: some clarifications
19
Transfer pricing and customs: A forced marriage
20
partnership news
Professionalisation and private equity go hand in hand
24
Corporate news
27
Cover story
BDO Management
Advisory increases
efficiency and quality
BDO staff pride
themselves on their
professional, personal
and above all pragmatic
approach, and on
the passion for their
profession and for
client relationships. Of
course it goes without
saying that this goes
hand in hand with a
long-term approach,
in which each BDO
adviser invests in the
relationship with the
client over the entire
life of the business:
from when his or her
organisation starts up,
through the organic
growth phase it
goes through, at the
transition to a stable
structure and more
professional operation
until the transition to
the next generation.
4 2thepoint | #1 | 2014
Financial and nonfinancial advice
BDO offers its clients pragmatic
support for all the financial, fiscal
and legal matters that may arise
during the life of the organisation.
Since 1 October 2013, BDO has
extended this support with a team
of in-house advisers under the name
Management Advisory, designed to
offer support to the business owner,
including in all non-financial aspects
of the business.
By setting up Management Advisory,
BDO now offers the unique
combination of substantive expertise
on a financial, organisational and HR
level from one and the same partner:
after all, in each organisation these
aspects are also closely associated
with results. As an in-house adviser,
BDO Management Advisory can see
the global picture and give advice
that covers the entire breadth of the
business in the long term.
What exactly can you
expect from this team?
BDO Management Advisory gives
comprehensible and pragmatic
strategic advice while at the same
time offering hands-on solutions
with unique methodologies to be
able to support the business owner
in each life stage of his or her
organisation. The adviser starts from
the “existential questions” about
the organisation and is therefore a
specialist in strategic issues such as
“In what direction do we want to
go? What will our unique company
strategy be? How can we distinguish
ourselves from the rest? In what
market segment do we want to
operate? What do I need for that?
Are we prepared for collaboration,
integration or merger?”
Because organisations grow
organically, it may sometimes be
that the original business strategy is
consciously or unconsciously adapted
and that not all noses are pointing
in the same direction, or activities
are no longer in line with market
competitiveness.
BDO Management Advisory can help
you conduct environment analyses,
establish vision, mission and translate
ideas into measurable operational
goals, estimate the necessary
resources, deploy the right people and
define specific indicators to monitor
strategy. The organisation is once
again given structure, direction and
competitiveness.
Where is the focus?
Entirely in line with that which a
modern business owner can expect,
the focus of BDO Advisory is on
both efficiency and quality. After all,
the balance between these aspects
will determine the success and
Klaartje Huyghe
future prospects of the organisation.
Efficiency questions are answered
according to the methodology of
Lean & Six Sigma to achieve the
maximum from a minimum of
resources. We offer measurable, wellfounded answers to questions to be
able to improve in a targeted fashion,
such as “How can we work more
efficiently? Where can I save? What
are my biggest expenditures? Am
I using the right resources in the right
place?”. However, efficiency can never
be looked at without also giving a
balanced consideration to the quality
of the production or service. BDO
Management Advisory implements
quality systems (with or without
accreditation) in a pragmatic way, i.e.
without an administrative burden,
to provide an answer to business
owners’ questions such as “How do
I improve my customer satisfaction?
How can I monitor my production
or services? How can I detect and
curtail errors?” By striving for quality
in an efficient way, the organisation
becomes highly versatile and futureproof.
Pragmatic solutions?
develops and supports change
processes (including change
communication) to increase the
chance of success, to involve all
stakeholders and to ensure that
your managers are ready for their
leading role.
With BDO Management Advisory, the
emphasis is more on the pragmatic
than the theoretical. As you are
used to from our financial, fiscal and
legal advisers, BDO Management
Advisory assists the client with unique
methodologies and ready-to-use
tools, offered in four areas:
- Guarantee comfort through
organisational management:
BDO Management Advisory
makes the real business risks
tangible and designs management
measures to bring them under
control. Monitoring becomes
simple by implementing
an accessible management
information system.
- Create peace of mind during
change: as an in-house adviser,
BDO Management Advisory
- Allow talent to flourish through
human capital solutions: with
BDO Management Advisory,
BDO-newsletter 5
Cover story
investing in people becomes a
targeted task that also produces
a genuine yield by selecting the
right employees and leaders, by
being able to bring the best out of
people, by being able to map out
who is performing well and who
is not and by motivating staff as
much as possible.
- Measure competencies with
HR tools to be able to work
objectively and in a manner that
is tailored to the organisation
on the basis of, for example,
personality questionnaires, 360°
surveys, various competence
tests and assessment exercises,
produced in-house by BDO
Management Advisory.
Apart from the tools and
methodologies in these sub-areas, the
in-house advisers are a direct link to
the familiar financial, fiscal and legal
expertise of BDO.
What’s in it for you?
Every investment by BDO must
be able to offer clients immediate
added value. This is certainly no
different with the start-up of BDO
Klaartje Huyghe
Management Advisory. We believe
this team of advisers will make the
BDO service even more complete
within the existing strategies and
values. As BDO, the relationship
people, we want to invest in in-house
advisers who can think with our
clients personally and professionally
on all levels and over the long term,
can participate passionately in each
life stage of the organisation and at
the same time can support them
pragmatically. n
For more information :
Do not hesitate to contact the
Management Advisory Department :
[email protected]
Strategic advice
QUALITY
EFFICIENCY
Human
Change PROCESSES
capital
Audit
RAS
reporting
Accounting
HR
Tools
Legal
Tax
CF
IM
BDO and Adforum: partnership with added value
You were able to read in the previous BDO newsletter that BDO and Adforum decided, after cooperating for
several years, to join forces as of 1 October 2013. As a small but rapidly growing player in HR advisory, Adforum
completes the BDO Management Advisory team. This allows us to offer our clients the total package that is
required to increase organisations’ performance in the broadest possible sense.
6 2thepoint | #1 | 2014
AUDIT
Dominique Millis - Cédric Mattard
IFRS news
As a reminder…
Below you will find the main new
items that will affect 2013 financial
statements issued under IFRS:
The entry into force of the
standard IFRS 13, Fair value
measurement ;
The modifications to standard
IAS 1 relating to the presentation
of other elements of
comprehensive income; and
The revisions of standard IAS 19,
Employee benefits, in particular
that requiring the immediate
accounting of actuarial gains
and losses in other elements
of comprehensive income (and
therefore, for those applying
it, the removal of the so-called
corridor method).
Publication by the ESMA
of common European
audit priorities for 2013
financial statements
The ESMA (the European Securities
and Markets Authority) has just
published the list of priority points
that will be used by national
supervisory authorities in Europe in
connection with auditing the 2013
financial statements of companies
listed on the stock exchange,
created to promote the consistent
application of IFRS standards.
The common audit priorities are
designed to apply IFRS in relation to:
Depreciations of non-financial
assets;
The assessment and information
to be provided on obligations
in accordance with postemployment benefits;
Fair value measurements and the
information to be provided;
The information to be provided
in relation to significant
accounting methods, judgements
and estimates; and
The valuation of financial
instruments and the information
to be provided on the associated
risks.
Insurers are lowering the
guaranteed return on
group insurances: what
will the consequences be
under IAS 19 ?
Since the Vandenbroucke law of
2004, the performance of the second
pension pillar is guaranteed (3.25%
for premiums paid by employers,
3.75% for those paid by workers).
This legal obligation to guarantee
performance placed on employers
has not led to pension liabilities
being recorded in the accounts of
Belgian companies as long as it has
been transferrable to the insurers
responsible for managing group
insurance plans.
benefits relating to the services
rendered by staff members.
The subject is being discussed by
the IFRS Interpretations Committee
(IFRIC). At this stage, and subject to
a future different interpretation by
the IFRIC, it seems that the funding
commitment may be determined
by projecting the contributions at
the guaranteed rates of 3.25 and
3.75% to estimate the amount owed
and then discounting it at the rate
of return of high-quality corporate
bonds. It is, however, unlikely that
a significant debt could exist on
31 December 2013, to the extent
that any deficit in performance
will normally only cover the
contributions paid in 2013. n
For more information:
Do not hesitate to contact our
Competence Centre IFRS :
[email protected]
Today, the lowering by insurers of
the guaranteed return on future
payments (to bring it into line with
those of sovereign bonds) transfers
part of the obligation to employers.
IAS 19 normally requires the pension
plan to be recognised as a defined
benefit plan when the employer is
required to make further payments
if the insurer does not pay all future
BDO-newsletter 7
Legal
Law on the
harmonization blue
and white collar
workers enacted
The Constitutional Court determined that the differences
between blue and white collar workers had to be resolved by
8 July 2013 at the latest in order to reach a so-called “unity
status”. The trade unions and employers did not reach an
agreement on this and as a result our Minister of Work made
a final compromise proposal which has been transposed into
legislation.
the law of 26 December 2013 on the unity status has been
published in the Belgian State Gazette of 31 December 2013.
we provide you with the essentials.
8 2thepoint | #1 | 2014
Katleen Engelen
New notice periods as of 1 January 2014
As of 1 January 2014 the notice periods for both blue and white collar
workers (for the employer) will be determined as follows:
Period as of
1 January 2014
Former rules lower
white collar
workers
1st quarter
2 weeks
3 months (13 weeks)
2nd quarter
4 weeks
3rd quarter
6 weeks
4th quarter
7 weeks
5th quarter
8 weeks
6th quarter
9 weeks
7th quarter
10 weeks
8th quarter
11 weeks
Year 2-3
12 weeks
Year 3-4
13 weeks
Year 4-5
15 weeks
Year 5-6
18 weeks (+3 weeks/year)
Year 6-7
21 weeks (+3 weeks/year)
Seniority
…
6 months (26 weeks)
…
Year 20-21
62 weeks (of 63)
Year 21-22
63 weeks (+1 week/year)
Year 22-23
64 weeks (+1 week/year)
…
15 months (65 weeks)
…
Transitional provisions
For ongoing employment agreements, the current
notice periods as built-up with the present employer
will be fixed on 31 December 2013. As of 1 January
2014, additional notice is acquired in accordance with
the new rules.
In order to allow blue collar workers to catch-up, the
notice terms during a transitional period should reach
at least the following minima:
Seniority at the moment
of publication of the new
regulations
Date on which the notice
period should at least
be equal to the new
regulations
30 years or more
Immediately in the course of 2013
20 years
1/1/2014
15 years
1/1/2015
10 years
1/1/2016
Less than 10 years
1/1/2017
BDO-newsletter 9
Legal
of cases probation would be
limited to 3 working days, e.g.
student work and temporary
agency work. A provision in the
employment contract will no
longer be required.
Notice period starting
on Monday
Where previously there was a
difference in the moment the notice
period takes off (for white collars
workers on the first day of the
month following the notification),
the notification period will now start
on the next Monday following the
notification.
Notion “seniority” (including
period performed as
temporary agency worker)
Exceptions
Other measures
Sectoral deviations will be
allowed upon the condition
that the minimal notice period
of 6 months is guaranteed, but
1/3rd of the notice period must
serve to maximize the chances of
re-employment of the dismissed
employee.
Beside the amendments already
announced regarding the notice
period, also a number of other
measures have been adopted, taking
effect on 1 January 2014:
As of 7 years’ seniority,
outplacement will become
obligatory taking into account that
the cost equal to 4 weeks can be
reduced from the notice period as
long as at least 6 months of notice
period remains guaranteed.
Abolition of “Carenz day”
- The “carenz day” or waiting day
(the unrefunded first day of
sick leave), together with the
discrimination regarding the
regulations on the notice period
were the immediate cause for the
judgment by the Constitutional
court of 7 July 2012.
Abolition of probation period
- Only in a very limited number
10 2thepoint | #1 | 2014
Seniority is understood to be the
period during which the worker
uninterruptedly remains in service
of the same undertaking. Also the
employment in the capacity of
temporary agency worker must
under certain conditions be taken
into account, i.e. to the extent
that there was no interruption of
more than 7 days, the job duties
are identical and for a maximum of
1 year.
Maximum notice period
The notice periods are not absolute
maximum terms, only these should
not be deviated from on sector level
(joint committee or subcommittee).
The employer and employee would
still be able to deviate from this rule
on individual level, as well as via a
CBA on company level.
Katleen Engelen
«
As a reminder, it was decided that
in case of notice by the employer,
the notice period will evolve
progressively: first three-monthly
during the first two years of seniority
and subsequently annually. From
the fifth till the nineteenth year,
seniority is built up with three weeks
per year. In the 20th year, the notice
period is increased by two weeks,
and from the 21st year with one
week per year of seniority started.
In case of notice by the employee,
the notice period is determined at
1 week for each three months period
of seniority, etc. to a maximum of
13 weeks in case of 8 years or more
of seniority.
Currently a number of propositions
are on the table in respect of special
circumstances, such as dismissal
when reaching the statutory
retirement age or in case of illness.
Fixed-duration contract of
employment
In respect of fixed-duration contracts
of employment the new act holds
specific provisions, in particular
regarding the possibility of notice
during the first half of the agreed
duration of the employment
contract. In case of consecutive
employment contracts, this can only
be done during the first contract that
the parties have concluded.
Transitional arrangement
The notice period to be respected
in case of notice by the employer
or the employee in respect of an
From 1 January 2014 the probation period
is no longer effective and identical notice
periods now apply for all employees.
»
employment contract concluded
prior to 1 January 2014 is
determined by adding up the below
two notice periods:
- The notice period applying
according to an uninterrupted
seniority on 31 December 2013
and determined on the basis of
the then existing legal, regulatory
and conventional rules;
- The notice period applying
according to the uninterrupted
seniority as from 1 January 2014
and determined on the basis of
legal, regulatory rules applicable
on the moment of notification.
The government provides for a
compensatory arrangement and
indemnity for employees who prior
to 1 January 2014 qualified as a blue
collar worker, in order to offer them,
under certain circumstances, an
equal protection against dismissal as
is the case for employees who built
up an equal seniority for the whole
period of employment with the
same employer in the new system.
Employees that do not meet these
conditions will be benefitting from a
severance payment at charge of the
National Employment Office (NEO).
However, employees of certain
industries, such as the wood, textile
and diamond industry, will, in respect
of dismissal notified between 1
January 2014 and 31 December
2017, be able to benefit from a
transitional arrangement to evolve
gradually towards the new notice
periods.
For mobile and temporary
construction sites even an unlimited
exception to the application of the
new dismissal regulations applies.
Abolition arbitrary dismissal
and motivation of the dismissal
The law provides that the current
provision on unfair dismissal and
the motivation of a blue collar
worker’s dismissal will be abolished.
The social partners should conclude
a Collective Bargaining Agreement
within the National Labour Council
containing one single rule that will
be applicable to all employees. To
this day, no agreement has been
reached and hence the current
provision remains in force.
Deferred social liability
For employees that have built up a
seniority of more than 5 years in the
unified statute as from 1 January
2014, employers will be obliged
to build a deferred social liability
fund. Employers will have to build
a reserve, which will be deductible
from the taxable base. In practice
this will only be feasible from
2020 due to the requirement of a
minimum seniority of 5 years in the
unified statute, i.e. from 1 January
2014. n
For more information:
Do not hesitate to contact the Legal
Department : [email protected]
BDO-newsletter 11
FAQ
Ready
for SEPA?
Thanks to SEPA, several aspects of
the way you manage your payments
are about to change. All payments
within Europe will shortly become
“internal payments”. The final date
for integrating the European single
market for payments is 1 February 2014.
All transfers must be SEPA-compliant
by that date. The management of direct
debits is also being passed from the
bank to the recipient of the payments
from that date.
According to recent reports, a
transition period of 6 months will be
provided (ultimately untill 1 August
2014), allowing payments under the
former scheme. But still, the date of
commencement is 1 February.
What codes will I shortly need
to make payments?
By 1 February 2014 you must use an IBAN number for each payment. As
from 1 February 2014 you will no longer need to specify a BIC code for
national payments and as from 1 February 2016 this requirement will
also no longer apply to international payments.
Transfer of management of direct
debits: how should I best prepare?
With a direct debit, the debtor
gives the creditor a mandate. From
1 February 2014 it will no longer
be the bank, but you yourself as a
business owner, who is responsible
for managing your mandates.
A distinction can also be made
according to whether you make or
receive payments by direct debit.
If you as a business owner (or
private individual) make payments
12 2thepoint | #1 | 2014
by direct debit, little if anything
will change in practice. The direct
debits will simply continue. If you
receive payments by direct debit,
you will have to make provision
for the management of these
mandates.
Dirk Vandendaele - Philippe Turco
What is Core and B2B?
Core is the European direct debit
that applies to everyone. This
is being transferred to the new
European direct debit system. In
Business to Business or B2B (the
version for transactions between
professionals), the Belgian
direct debit is not automatically
transferred. In this case, a new
mandate will have to be signed.
In Core a consumer can request
repayment of a direct debit
payment up to 8 weeks (and in
some cases even 13 months) after
the debit. This repayment request
does not mean that the debt
lapses.
As from 1 February 2014, a
consumer will be able to notify
his or her bank of the creditors
by which he or she never wants
to be debited. The consumer can
also specify which debtors are
authorised to debit his or her
account. It will also be possible
to block his or her account for
collections via a European direct
debit.
Finally, the consumer will also
have the opportunity as from 1
February 2014 to notify his or her
bank of a maximum amount and/
or the frequency of the collections.
her bank, a debtor (professional)
will no longer be able to request
repayment of a payment made
in B2B. Possible repayments
are discussed directly with the
supplier. The debtor is, however,
entitled to ask his or her bank not
to debit his or her account until
the due date.
In B2B, by signing the mandate
and the confirmation to his or
What actual steps do I have to take?
The changes to the SEPA standard can be far-reaching in scope, and depending on the size of your business it may
even be worthwhile appointing a project manager or coordinator to plot all the changes and implement the roadmap.
1) Update your means of communication
Include your IBAN number and BIC code in your letterheads, on your invoices, price quotations, contracts, on
your website, etc. It may also be useful to inform your clients and suppliers directly via a mailshot.
2) Update your databases, programs and electronic payment applications
Convert the account numbers of your suppliers and update all relevant files in your accounting package or ERP
system. Also update your electronic payment applications such as e-banking and Isabel.
3) Make the switch to SEPA direct debits
For more information :
Do not hesitate to contact the Accounting Department : [email protected]
BDO-newsletter 13
TAX
2013 Year-end tax legislation
In the past two years numerous fiscal changes have been adopted to make
up for budgetary deficits and to boost economic growth. In the mean time
Federal elections are approaching gradually. Still, more tax legislation
was issued right before the 2013 year-end. Below is an overview of the most
important provisions of the law containing various fiscal and financial
provisions of 21 December 2013 (published in the Belgian State Gazette of 31
December 2013).
In contrast to the previous eight fiscal Laws made by the Di Rupo I
government, the principal emphasis lies on simplifying and adapting existing
rules, and not on introducing new taxes.
Notional interest
deduction after Argenta
case
European case law provided for
an adjustment to the Belgian
rules governing notional interest
deduction. This means that own
equity belonging to foreign
permanent establishments or
14 2thepoint | #1 | 2014
immovable property is now
included in the calculation basis,
whereas previously, the tax
administration barred this from
the calculation basis. Considering
the current budget problems,
a compensating measure was
provided to restrict the tax benefit.
There can only be an additional
tax benefit when a permanent
establishment has its registered
office in an EEA Member State if
the notional interest deduction
on the permanent establishment’s
own equity is greater than the
establishment’s (exempt) profit.
The remainder can then be
deducted from the Belgian profit.
Date of commencement:
assessment year 2014
Tax authorities can take
books and documents
The Income Tax Code provides that
the taxpayer must always be able
to present to the tax inspector any
books and documents necessary
to determine the taxable income.
The tax inspector may from now
on also take the documents for the
duration of any normal inspection.
The tax inspector shall be required
to draw up an official order to do
so. Books that have not yet been
closed may not be taken. Issues
discovered by the inspector in the
documents taken may also be used
to impose taxes on third persons.
Date of commencement:
10 January 2014
Obligation to present
books and documents in
relation to foreign life
insurance policies
Now that foreign life insurance
policies need to be mentioned
in the annual tax return, the
Income Tax Code was extended,
obliging to present all books and
Cindy De Bock - Bart Caers
documents related to these foreign
life insurances upon first request
of the Belgian tax authorities.
As mentioned above, the tax
administration is also allowed
to take these documents for the
duration of the inspection.
Date of commencement:
31 December 2013
Taxable benefit in kind
on company cars
The new law provides that the
reference period to determine the
CO2 emissions to calculate the
taxable benefit in kind on company
cars is brought forward, i.e. from 1
October N-2 to 30 September N-1.
This means that the new reference
for CO2 emissions can start from
1 January, and not from April, as
has been the case to date. With
this measure problems caused by
retroactive calculations are now a
thing of the past.
Date of commencement:
advantages attributed from
1 January 2014
Procedure for ex officio
exemption extended to
Article 145 of the ITC92
Sometimes taxpayers do not
know that they are entitled to tax
exemption or they simply forget
to include this in their income
tax return. This could only be
rectified in such cases by means
of an appeal. The procedure of ex
officio exemption is now extended
to all matters of tax reduction
included in Articles 145-1 to 14536 ITC92. This means that the term
is extended from 6 months to 5
years, to be calculated as from 1
January of the respective tax year.
Date of commencement: from
assessment year 2014
Intra-Community
acquisitions
Intra-Community acquisitions
of goods and services related
to transactions that are exempt
from VAT in Belgium, will no
longer be subject to VAT.This
regulation dismisses the recipient
of the goods or services from all
compliance formalities in relation
to these transactions.
This measure affects the intraCommunity acquisition of goods
and services as provided for in art.
42§§1, 2 en 3, 1st section 1°- 8° of
the Belgian VAT Code.
Equipment and
machinery permanently
installed
The supply of equipment and
machinery that is permanently
installed, will no longer qualify for
the VAT exemption in relation to
the leasing of immovable property.
Those transactions will therefore
become subject to VAT.
Date of commencement:
1 January 2014 n
For more information :
Do not hesitate to contact the Tax
Department [email protected]
Date of commencement:
10 January 2014
Programme Law I
Beside the law on various tax provisions, the legislator also adopted a
programme law. The following fiscal provisions are included in this act
and take effect on 1 January 2014:
• increase from 20% to 40% of the exemption for apprenticeship
bonus for employers who employ young people who are enrolled in
part-time education;
• additional reduction of the labour costs for construction work;
• general investment allowance of 4% for small companies for the
years 2014 and 2015;
• 2.2% increase in exemption of withholding tax for night and shift work.
BDO-newsletter 15
TAX
VAT obligations:
blank slate for lawyers?
As from 1 January 2014,
lawyers are subject to
VAT. At the last moment,
the VAT administration
published another
circular, designed to
provide an answer
to certain practical
questions.
VAT liability is not
entirely new
can now recover the VAT on costs
related to their VAT activities.
Lawyers are already subject to
VAT, albeit that until 31 December
2013 they were exempted VAT
payers. As from 1 January 2014 this
exemption will cease to exist and
the services they provide will be
subject to VAT.
They can also “revise” to their
benefit the VAT that was incurred
“historically” on capital assets for
X/5ths or X/15ths. This historic VAT
credit is set off against the VAT due
during the 2014 calendar year. The
remaining balance can actually be
recovered in 2015.
According to their VAT status - full,
mixed or partial taxpayers - and the
choice made regarding whether or
not to submit normal periodic VAT
returns, lawyers and trainee lawyers
16 2thepoint | #1 | 2014
Who is subject to VAT?
Trainees, lawyers and partner
lawyers. In principle, all trainees,
Cindy De Bock - Erwin Boumans
«
Associate lawyers and trainee lawyers are also regular VAT payers.
But they can opt for a special arrangement that allows them
to complete only a limited number of formalities. In that case,
however, they are not entitled to a VAT deduction.
»
lawyers and partner lawyers who
provide regular legal services on
an independent basis are required
to register for VAT, charge VAT and
complete periodic VAT formalities.
The scheme therefore does not
apply to support staff working on a
subordinate basis.
the performance of services, the
completion of the service is the first
(“primary”) cause for chargeability
of VAT. Payment of the service is
also a cause for chargeability of VAT
(“subsidiary” cause for chargeability
of VAT) if the service has not yet
been completed.
Transfer of activities, the holding
of shares, the inclusion of certain
mandates (including director’s
mandates) within the law firm.
However, lawyers are not subject
to VAT for the transfer of activities,
the holding of shares, the inclusion
of certain mandates (including
director’s mandates) within the
law firm, in companies, as a deputy
judge, within the orders, etc.
Until the end of 2012, the issuing
of an invoice before the service
had been completed was also a
subsidiary cause for chargeability
of VAT. A transitional arrangement
ensures that this also remains the
case for invoices issued in 2013 or
2014, if the party liable for VAT so
chooses.
Special arrangement for associate
lawyers and trainee lawyers.
Associate lawyers and trainee lawyers
are also regular VAT payers. But they
can opt for a special arrangement
that allows them to complete only a
limited number of formalities. In that
case, however, they are not entitled
to a VAT deduction.
However, if they opt for this special
arrangement, they are excluded
from the “exemption scheme for
small enterprises” (annual turnover
< EUR 5,580).
practical examples
illustrating the impact
of these rules.
A case completed and paid for in
2013. For a legal procedure that
was completed in 2013, the taxable
event also takes place in 2013, but
the lawyer is still an exempted
taxpayer. He or she therefore does
not charge VAT.
Principles of
chargeability of VAT
The client only pays in 2014. If
the client is itself a VAT payer (B2B
relationship), the normal rules apply.
The service was completed in 2013
and the cause for chargeability of
VAT therefore takes place in 2013.
VAT is then not due, even though
the client only pays in 2014.
The rules for chargeability of
VAT determine when the VAT
must be paid to the Treasury. For
If the client is a private
individual (B2C relationship),
then in application of a special
transitional arrangement the
lawyer can still apply the VAT
exemption, if he or she issues
a detailed invoice no later than
on 31 January 2014 or receives
payment from the client before
that date. If he or she does not
issue an invoice and payment
is made after 31 January, VAT is
due. This is because the special
transitional arrangement no
longer applies after that date.
Continuous service performance.
The client pays a bill in 2013 for
the services already provided.
In the case of an interim bill, the
taxable event takes place at the
end of each billing period. So
no VAT needs to be applied for
payments in 2013.
The client only pays in 2014. If
the lawyer can indicate which
services were materially provided
up to and including 31 December
2013 and which were materially
provided as from 1 January 2014,
only the latter services are subject
to VAT. In this case, the invoice
must also be issued no later
than on 31 January in relation to
services materially provided in
2013. If this division cannot be
made, VAT is due on the entire fee.
Charge a large advance in 2013?
No, it makes no sense to charge
a large advance in 2013 without
VAT. The VAT administration only
accepts an advance of up to 25%
of the fee.
BDO-newsletter 17
TAX
Cindy De Bock - Erwin Boumans
- Submitting periodic VAT returns;
- Keeping VAT accounts: a purchase
and sales ledger, a cash receipt
ledger, and a table of fixed assets
- Submission of an annual client
sales listing;
- An intra-community sales listing
(where applicable)
The circular also addresses a
large number of other services,
such as legal advice outside legal
proceedings, services provided to
governments; the relationship with
insurers, etc. n
Always charge 21% VAT? Legal
services provided as from 1 January
2014 that take place in Belgium are
in principle subject to the standard
VAT rate of 21%. There are also a
few exceptions:
- A number of specific services
that can still be exempted from
VAT, such as e.g. family or debt
mediation;
- Services of liquidators, for wich
a mandatory reverse charge
mechanism by the bankrupt
parties applies.
- Pro bono services that are
subject to a 0% rate, but retain
the right to input VAT deduction.
VAT is normally charged on the
total amount. Exceptions to the rule
are those taxes, duties or charges
that are “advanced” in the name
and for the account of the client
(e.g. registry or court fees, bailiff’s
fees).
18 2thepoint | #1 | 2014
What about professional
confidentiality?
Discretion in the description of
the services on the invoice is
extremely important to preserve
the professional confidentiality
of the lawyer. However, invoice
details are important for the VAT
inspector to be able to verify the
correct processing of the operations
carried out. The VAT administration
therefore accepts that the
description remains limited to
indicating lawyers’ services, followed
by the indication that the operations
are related to the professional or
private activities of the client.
Other requirements and
formalities
Besides VAT identification and
invoicing requirements, there are a
number of other requirements:
For more information :
Do not hesitate to contact the
Centre of Competence VAT:
[email protected]
TAX
Bart Caers
Fairness tax: some
clarifications
The law of 30 July
2013 introduces a socalled “fairness tax”
for large companies as
from assessment year
2014. This tax is due on
profits paid as dividends
that are not subject
to effective taxation
through the application
of the notional interest
deduction for the
year and/or tax losses
carried forward. The
administration clarifies
the new regulations.
Fairness tax and
purchase bonuses
The eligible dividends are those
listed in Article 18, paragraph 1, 1°
to 2°bis of the Income Tax Code92
(ITC92)
- Regular dividends;
- Capital repayments (with the
exception of capital paid up for
tax purposes);
- Repayments of issue premiums
and amounts subscribed to at the
time of participation certificates
(with the exception of capital
paid up for tax purposes).
During the parliamentary discussion
of the bill, the Minister for Finance
confirmed, despite this legal
delineation, that dividends paid as
a result of a purchase of own shares
are eligible for the application of the
“fairness tax”.
A parliamentary question was
put to the Minister to remove
the ambiguity that had arisen.
The answer to this parliamentary
question states that purchase
bonuses qualify as dividends for tax
purposes, but lie outside the scope of
the “fairness tax”.
Fairness tax and
investment companies
In this case, the question arises
of whether the “fairness tax” also
applies to investment companies,
specifically the public and
institutional BEVEK/SICAV (openend investment companies), BEVAK/
SICAF (closed-end investment
companies) and VBS/SIC (debt
investment firms).
Taking into account the broad scope
of the “fairness tax”, it would initially
be possible that the dividends such
companies pay are subject to the
levy. However, for a distribution
BEVAK/SICAF, for example, this
would be very damaging.
part of the taxable base, and the
dividends received are excluded
from the deduction for definitively
taxed income. Finally, investment
companies are excluded from the
application of notional interest
deduction. Because in principle their
taxable base is always positive, fiscal
losses (carried forward) can also not
occur.
This analysis means that the
taxable base of the “fairness tax” is
reduced to zero as far as investment
companies are concerned and that
therefore no separate tax can be
owed. n
For more information :
Do not hesitate to contact the Tax
Department : [email protected]
Although an investment company
is subject to the normal rate of
corporate income tax, the taxable
base only consists of the abnormal
or benevolent advantages and the
disallowed expenses (other than
depreciations and losses on shares).
Furthermore, the dividends paid
by investment companies are not
BDO-newsletter 19
TAX
Transfer pricing and
customs: A forced marriage
Due to globalization and consequently the frequency of
international transactions, the importance of transfer pricing
and customs has significantly increased. Tax and customs
administrations, even within one country and sometimes within
the same government department, have different approaches:
tax administration focuses on intra-group sales’ prices
that may be perceived as higher than they should be; whereas
customs authorities control imported goods for which prices
may be perceived as lower than the market price. While both
administrations seek to achieve the same goal, which is arm’s
length pricing, customs and fiscal examinations are forced to
follow different regulations and have possible contradictory
interests.
20 2thepoint | #1 | 2014
Tine Slaedts - Pieter Haesaert
Transfer pricing: Basics
Customs valuation: Basics
The basic principle in transfer
pricing is the arm’s length principle
as described in the OECD Transfer
Pricing Guidelines. The transfer price
between related parties impacts
the profitability of the different
entities and hence the tax revenues
of the different countries. Local tax
authorities seek conformity with
the “arm’s length principle” for
intercompany transactions in order
to safeguard local tax revenues. The
arm’s length principle is based on
the OECD guidelines, which forms
the basis of bilateral tax treaties
involving OECD member countries
and an increasing number of nonmember countries, and states:
“[Where] conditions are made or
imposed between the two [associated]
enterprises in their commercial or
financial relations which differ from
those which would be made between
independent enterprises, then any
profits which would, but for those
conditions, have accrued to one of
the enterprises, but, by reason of
those conditions, have not so accrued,
may be included in the profits of that
enterprise and taxed accordingly.”
Customs valuation is based on the
GATT/WTO Valuation Code. The
GATT/WTO Valuation Code definition
of “customs value” constitutes
the basis on which WTO members
have drafted the definition of
customs valuation in their own
customs legislation. In the European
Community, the basic customs
valuation rules and defintions
are found in Articles 28-36 of the
Community Customs Code and in
Articles 141-181 and Annexes 23-29
of the Community Customs Code
Implementing provisions.
The OECD Transfer Pricing Guidelines
also describe specified methods to
determine transfer prices of which
the transactional net margin method
is most commonly used. Finally, many
countries have issued guidelines on
transfer pricing documentation to
substantiate en justify transfer prices
of goods, services, intangibles, finance
transactions, etc.
In determining the customs value,
different methods are defined which
need to be used in hierarchical
order. The primary method is the
transaction value of the imported
goods. The transactional value of
imported goods between related
parties can only be accepted if it
can be demonstrated that the price
of the imported goods is at arm’s
length. Furthermore, this transaction
value must be adjusted in certain
specifically defined conditions.
Transfer
Pricing VIEW
Valuation
View
Entity
based
Product
based
Identify the main
income tax change
Management fees
Identify the main
customs charge
Financing costs
Royalties
Marketing costs
Compensation
payments
Overhead
Provided
materials
Selling price
BDO-newsletter 21
TAX
CUSTOMS
Parent company
Delivery TP = 100
Subsidiary
Sales tax question :
From BE perspective : import VAT, delivery
of tangible goods taxable ?
Income tax questions :
is TP arm’s length ?
BE perspective : TP too high ?
From US perspective : TP too low ?
Customs and transfer
pricing: Conflict of
interest
Both tax and customs
administrations often set rules
independently for the same
transaction and/or good. Tax
authorities seek conformity with the
OECD Transfer Pricing Guidelines
which have been put in place in
many countries whereas customs
authorities conform to Article VII
of the General Agreement on Tariffs
and Trade (GATT) Valuation Code.
The difference in transfer pricing
and valuation view creates an
atmosphere of uncertainty and
complexity. It also leads to increases
in implementation costs and
compliance, absence of flexibility in
the conduct of business operations,
and last but not least creates a
significant risk of penalties. Indeed,
even when a company complies with
both the OECD guidelines/principles
and the World Trade Organization
22 2thepoint | #1 | 2014
Conflict
of interest
Customs question :
Is the delivery subject tu customs ?
If so : what is the appropriate customs ?
BE perspective : TP as customs value too low ?
(WTO) Valuation Agreement, there
is no guarantee that there will not
be a dispute between two countries
or two administrations in the same
country on the determination of the
arm’s length price. This means that
valuation conflicts can arise not only
prior to but also after an audit.
Given the significant increase in
the volume and also complexity
of intercompany transactions,
the divergence of customs and
transfer pricing valuation presents
an obstacle to the liberalization
of trade and inhibits international
development for companies of all
sizes.
The table below provides a summary
of those factors highlighting the
differences between transfer pricing
and customs.
Factor
Transfer pricing
Customs
Taxable event
Sale or purchase of the
goods
Importation of goods
into the country
Rationale
Avoiding shifting of income
Modelling of international
trade
Relevant time for assessing
value
Date of sale or purchase
Date of importation
Time of audit
Year(s) after the sale
transaction
Time of importation or years
after the transaction
Goals pursued by authorities
Decrease in value
Increase in value
Tine Slaedts - Pieter Haesaert
Joint-Venture BDO Customs4trade
a case study
A common situation, where transfer
pricing may trigger customs
issues, relates to a retrospective
adjustment of the transfer price
paid for goods in a cross border
situation. Assume you are a
company acting as a limited
risk distributor based in China.
You purchase and import goods
from a Belgian related company.
The distribution activities will be
remunerated using the transactional
net margin method with a target
operating margin on sales. At the
beginning of the year, the transfer
prices will be set based on budgets
provided by the Chinese entity.
Hence, products will be imported
based on the budgeted transfer
price.
At year-end (or more frequently), a
transfer pricing adjustment is made
to bring the actual operating margin
realized by the Chinese distributor
in line with the target operating
margin.
From a customs point of view, the
year-end adjustment will involve a
correction to the declared customs
value of the import transactions
that are affected by the yearend adjustments. If the price is
adjusted upwards, both the customs
value and the amount of customs
duties will be increased. If the
price is adjusted downwards, the
effect is the opposite: both the
customs value and the amount of
customs duties will be decreased.
In the former situation, the
customs authorities will expect
a regularization of the declared
customs values and additional
customs duties to be paid. In the
latter situation, the importer may
be entitled to a refund of customs
duties. Furthermore, in such a cases
of structural year-end adjustments,
it is advisable to conclude a
customs valuation decision with
customs to agree the frequence,
timing and methodology for these
adjustments.
BDO Belgium and Customs4Trade (customs4trade.com)
have concluded a structural cooperation agreement
through the joint venture BDO Customs4Trade.
Customs4Trade is an independent consulting firm that
specialises in customs, excises and international trading
and has been active in Belgium for about 10 years.
Under the leadership of its founder, Pieter Haesaert, the
company has expanded to one of the most important
consultants in this discipline in Belgium.
The further development of this new service will be
taken care of by Pieter and Erwin Boumans, Chairman of
the Centre of Competence VAT of BDO Belgium, and this
with their team of about 15 indirect tax specialists (VAT,
customs and excises).
Thanks to this structural collaboration, BDO Belgium
takes up a key role in the field of indirect taxes within
the BDO network.
is highly recommendable to review
pricing methodologies and agree
with the customs administration
the procedure to reassess or
confirm the customs valuation of
imports in an efficient way and
compliant way. n
Conclusion
Two different valuation regimes
applicable to the same transactions
forces importers to take into
account the consequences of
transfer pricing methodologies
when assessing custom valuation. It
For more information :
Do not hesitate to contact
Tine Slaedts: [email protected]
or Pieter Haesaert:
[email protected]
Schematic overview of the flows
Residual
profit
Limited risk
distributor
Principal Co
Physical flow
Invoice flow
Service flow
Bookkeeping services
Sale of finished goods
Customer
Target operating
margin
BDO-newsletter 23
PARTNERSHIP NEWS
The Belgian Institute for Family Business commissioned a study into the
impact of private equity in family businesses. Family businesses are a key
driver of our economy: more than 75% of Belgian businesses are in family
hands or are controlled by a family reference shareholder. At the same
time, many family businesses are facing a major challenge: in the new
few years many business leaders from the baby boom generation will
retire. They must therefore look for successors. And that is not (or at
least no longer) an easy matter. The Belgian Institute for Family Business
(IFB) wants to be a shining beacon for these businesses. BDO spoke to its
Managing Director Jozef Lievens.
24 2thepoint | #1 | 2014
Professionalisation
and private equity
go hand in hand
Why do you attach so
much importance to family
businesses?
«
Family Businesses are to be nourished, as
they are embedded in our region and have
a natural strong dynamism and ambition
to grow.
Jozef Lievens: “Family
businesses form a vital link in our
economic fabric, and will help
provide the necessary economic
growth. Anyone who hears family
businesses mentioned will quickly
make the connection with SMEs. But did you know
that more than half of Belgian businesses with a
turnover of more than EUR 200 million are family
businesses? And that family businesses account for
almost half the employment in our country? These
are businesses we must nourish, because they are
embedded in our area and are naturally acquainted
with a strong dynamism and ambition to grow.”
But haven’t studies shown that
in many family businesses, the
succession has not yet been
organised ?
Jozef Lievens: “That’s true. We have a whole
generation of business leaders from the baby
boom generation who will retire in the next five to
ten years. Almost half of the over-55s have not
yet given this much thought. Fortunately, we see
that many family successors still have a great
belief in continuing the business in the future. The
IFB coaches these potential successors through
the ‘Opvolgersacademie’ (Successors’ Academy)
project. Through exchanges of experience among
participants and with practical testimonials from
experienced business owners, we can speak openly
about subjects such as dealing with the transferor,
making governance more professional, etc.”
»
In the past year you have also paid
considerable attention to private
equity. Why was this?
Jozef Lievens: “To realise their plans for growth,
family businesses also need external financing in
a number of cases. One of the options is to attract
private equity investors. Our experiences show that
this happens significantly more today than say 15
years ago. Nevertheless, the process of opening
up family businesses to private equity investors
too often remains unknown or unpopular. We
therefore asked Professor Johan Lambrecht of HU
Brussels to carry out a study. He mapped out the
experiences of family businesses with private equity
and the impact of this method of financing.”
What were the main conclusions?
Jozef Lievens: “A private equity investment
is an attractive form of financing that can carry
a family business forward in various areas: not
only financially, but also in terms of ambition and
possibilities for growth. This study also confirms
that professionalisation is an asset in a family
business. For example, a well-structured business,
with professional management, a clear business
BDO-Newsletter 25
«
Make sure to prepare the
exit thoroughly, for clear
arrangements and open
communication facilitate the
process.
»
plan, transparent reporting and good governance
has a better chance of a private equity investment.”
“In general, family businesses that have experience
of private equity investments appear satisfied
with the cooperation. The in-depth interviews of
our study show that the investor does not always
meet every expectation, but that he or she has still
provided clear added value, for example in terms of
corporate governance and finances.”
The IFB has also drawn up a series of
recommendations for private equity.
What are the key issues?
Jozef Lievens: “I will outline three of them:
-Firstly: Attracting external capital is a process
in which all those involved (the management,
the family, the company) must be prepared to
enter a new phase. After all, it demands a clear
strategy and an open mind not only to attract
capital, but also to allow participation in the
operations of the business.
-Secondly: look for the right match and make
clear agreements. When a family business goes
looking for a private equity partner, it must look
for a party that best supports the objectives and
culture of the family business. After the round of
negotiations, a solid shareholders’ agreement
must be drawn up that also describes the
expectations of both sides and the role(s) of
the private equity investor. The art of making
a success of a cooperation between a private
equity investor and a family business consists
of allowing the individuality and character of
26 2thepoint | #1 | 2014
the business to continue while encouraging
professionalisation and growth.
-Finally: develop a long-term vision and be
prepared for the exit. A private equity investment
is de facto finite in time. The family business
must therefore produce a long-term vision to
guarantee continuity even after the private equity
partner has departed.”
Is such an exit easy to swallow for a
family business?
Jozef Lievens: “I think it is a process of growth.
Family businesses attach a great deal of value
to the relational aspect. But a private equity
investment is above all a means to help your
business move forward and bring a partner on
board temporarily in order to do so. It is therefore
best to prepare properly for the exit. Clear
agreements and open communication can facilitate
that process. The family business must at all costs
avoid becoming deadlocked or entering an impasse
following a departure or change of investor(s). An
exit should actually always result in a stronger, more
professional business.” n
For more Information:
Website: www.familiebedrijf.be
Twitter: @IFB_be
CORPORATE News
Opening of BDO office in La Hulpe
The offices in Lasne and Wavre were merged shortly before Christmas and
were relocated to the Nysdam Office Park in La Hulpe. Our colleagues have
been working from the new office since Monday, 23 December. The building is
surrounded by greenery and the office is spread over 2 floors: on one floor are the staff offices while the other
floor consists of meeting rooms for client consultations. Just as in Antwerp, the 75 members of staff operate
according to the principles of the Activity Based Office. Flex Office, Clean Desk and Less Paper have been
introduced to guarantee the comfort of staff while at work. We wish our La Hulpe colleagues every success in
their new working environment.
Partnership with M-Proconsult
Figures for 2012-2013
6%
BDO Belgium
34%
Production per business line
(Million EUR)
15% 15%
37%
23%
20132012
70%
Partners & Staff
(Average FTE)
2013
2012
Audit & Assurance
20.8 19.4
Accounting & Reporting 19.4 17.7
Tax & Legal
13.5 12.2
Special Advisory Services 3.6 3.0
Partners
Professional staff
Support staff
66
322
71
64
305
66
Total
Total
459
435
57.3
52.3
M-Proconsult is led by Ria
Mathijssens and specialises
in socio-legal advice in the
broad sense of the word. Since 2 January 2014 the
M-Proconsult team of 5 people has been part of
the BDO office in Antwerp, where it is helping to
develop BDO’s legal department. We welcome the
ladies to our organisation and wish them every
success at BDO.
Other staff-related information
Revenue per staff
Staff retention %
(wheighted average)
2013
2012
125,000 120,000
88.5
88.9
Number of staff October 1st 558
Partnership with Perspective Consulting
(PPC)
516
BDO international
Partners & Staff
TURNOVER
(Million EUR)
20132012
(Average FTE)
Turnover
4,9204,630
Partners & Staff
56,389 54,933
Number of Offices
1,264 1,204
Number of Countries
144
138
2013
2012
Fee Split (%)
Audit/Accounting
Tax Advice
Other
PPC is led by Jean-Louis Dethier and specialises in
the public sector (one of BDO’s specialisms). Since
the end of December the PPC team of 7 people
has been part of our new office in La Hulpe. We
welcome our new colleagues and are convinced
that they will fit in perfectly with the Public Sector
team for Wallonia and Flanders.
6161
18
18
2121
BDO Hasselt celebrates its
10th anniversary
On the evening of Thursday,
5 December BDO Hasselt welcomed
250 clients and relations to the Kasteel
van Hoen to raise a glass to the past 10 years and look forward to
the future together. It was an enjoyable party in a beautiful setting.
Among other things, our colleagues from BDO Hasselt put together
an amusing newspaper - Het Belang van BDO - and prepared
delicious BDO cupcakes.
Agenda
☛ Buy your own company conference
(2nd edition) - 27 February 2014 (Vlerick-BDO)
☛ Hoe onderneem ik een succesvolle
management buy-out of management buy-in
(2nd edition)- 7 sessions spread over the period
April 2014- September 2014 (Vlerick-BDO).
BDO-Newsletter 27
BDO is always on the
lookout for new talent
BDO is currently looking to fill the following positions:
Accountancy
l Partner Accountancy
(Gent)
l Senior Manager Accountancy
(BXL Airport)
l Senior Manager Accountancy
(Roeselare)
Legal
l Senior Advisor Legal
(Antwerpen)
l Senior Legal
(Liège)
Corporate Finance
Supervisor Corporate Finance
(Gent)
l Senior Corporate Finance
(BXL Airport)
Tax
l Manager Tax
(Liège)
l Manager Tax
(BXL Airport)
l Supervisor Tax
(La Hulpe)
l
Financial audit
Senior Financial Audit
(Roeselare)
l
Public sector
Advisor Public Sector
(Antwerpen)
l
Reporting
BI Consultant/Database
Expert Reporting
(BXL Centre)
l
our offices
BDO is also looking for nearly graduated students who can start working from
1 October 2014 as an Audit, Tax or Accountancy Assistant. Would you like more
information on these vacancies? Then go to: http://jobs.bdo.be
BDO Antwerpen
BDO Gent
BDO Liège
BDO Brussels (AIRPORT)
BDO Hasselt
BDO Namur-Charleroi
BDO Brussels (CENTRe)
BDO La Hulpe
BDO Roeselare
Uitbreidingstraat 72/1
B-2600 Antwerpen
T. +32 (0)3 230.58.40
F. +32 (0)3 218.45.15
[email protected]
The Corporate Village
Da Vincilaan 9, Box E.6
B-1935 Zaventem
T. +32 (0)2 778.01.00
F. +32 (0)2 771.56.56
[email protected]
Blue Tower
Louisalaan 326 bus 30
B-1050 Brussel
T. +32 (0)2 640.07.96
F. +32 (0)2 640.53.43
[email protected]
Axxes Business Park
Guldensporenpark 100 - blok K
B-9820 Merelbeke
T. +32 (0)9 210.54.10
F. +32 (0)9 232.43.40
[email protected]
Prins Bisschopssingel 36/3
B-3500 Hasselt
T. +32 (0)11 28.60.60
F. +32 (0)11 28.52.78
[email protected]
Nysdam Office Park
Avenue Reine Astrid 92
B-1310 La Hulpe
T. +32 (0)2 352.04.90
F. +32 (0)2 351.04.87
[email protected]
Rue Waucomont 51
B-4651 Battice
T. +32 (0)87 69.30.00
F. +32 (0)87 67.93.58
[email protected]
Parc Scientifique Crealys
Rue Camille Hubert 1
B-5032 Les Isnes
T. +32 (0)81 20.87.87
F. +32 (0)81 20.14.14
[email protected]
Accent Business Park
Kwadestraat 153/5
B-8800 Roeselare
T. +32 (0)51 26.08.40
F. +32 (0)51 24.10.89
[email protected]
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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