In Belgium it is the habit to close the financial year on a fixed date. Since there is no explicit legislation, the Commission for Accounting Standards allows that the start and the closing of the financial year is set on a fixed day of a given month. Since the use of a variable date differs from the most important habit is Belgium, a number of conditions have to be met.
Car expenditure is only partly tax deductible. In a new circular letter the tax authorities has adapted the rules applicable to cars which are put at the disposal of third parties, when this free disposal is a benefit in kind in hands of the third beneficiary. In other words: the new rules apply to cars put at the disposal of an employee or a director.
When you have the visit of a tax inspector, he can audit all books and documents. Some tax inspectors want to take these books and documents with them to their office. They have the right to do so, but not unlimited. A recent circular letter sets out the rules. We explain them in seven points.