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Dear Reader, We produce a quarterly newsletter to keep you updated on legal developments and important trends in the real estate sector. In this issue, you will read about what expected changes in international tax arena and Belgian tax law shall mean to your business: Belgian corporate tax reform Anti-Tax Avoidance Directive Option to subject leases to VAT Infrastructure Transfer taxes in the Walloon Region Click here to download the…...

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We produce a quarterly newsletter to keep you updated on legal developments and important trends in the real estate sector. In this issue, we address the following topics: Real Estate Investment and Taxation -   Planned major reform of Belgian company law -   Capital gain due to a review of the sector plan – Walloon Region -   VAT regime of real estate (asset/property) management services Real Estate Management -    Repurchase right under economic…...

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Click here to read the Real Estate Quarterly - Q1 2017  or view the document below....

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Loyens & Loeff’s Real Estate Team is glad to provide you with this first edition of the booklet “Leases in Belgium”. Leases represent the future return on an investment. A good knowledge of the multiple nuances of Belgian tenancy law and of the impact that other disciplines, ranging from administrative to tax law, might have on leases, will allow investors to avoid unexpected costs and therefore will lead to optimisation…...

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Dear Reader, This quarterly newsletter aims to keep you informed about the main legal and tax items of the past and coming year in relation to your business and to provide you with the detail of our coming seminars. We hope this will be useful to you. Best wishes for 2017 and we will be happy to welcome you at our annual Real Estate seminars or to meet you at…...

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The full set of regulations relating to the Specialised Real Estate Investment Fund (fonds d’investissement immobilier spécialisé / gespecialiseerde vastgoedbeleggingsfonds) has now been approved and published. Click here to read more in this respect....

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Click here to read the Real Estate Quarterly Q3 or view the document below....

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The notary public has the monopoly to organize a public sale of real estate. If real estate is sold through a public auction website, such sale can be annulled. In its judgment dated 9 June 2016, the Belgian Supreme Court  confirmed the legal monopoly of a notary public to organize and sell real estate through a public sale (“vente publique/openbare verkoop”). A public sale implies that the notary awards the…...

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As already mentioned in our Quarterly dated 1 July 2016, the Flemish Parliament adopted a new Decree on short-term retail leasing on 8 June 2016. By doing so, Flanders is the first Belgian Region to use its legislative competences in relation to lease legislation after such competence was attributed to it pursuant to the 6th State Reform. The new Decree on short-term retail leasing proposes an alternative to commercial leases…...

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The special law of 6 January 2014 concerning the 6th State Reform, which entered into force on 1 July 2014, transferred the legislative competences regarding commercial lease, residential lease and agricultural lease to the Regions. Pursuant to this transfer, commercial lease, residential lease and agricultural lease have become regional matters. However, until the adoption of a specific regional regulation occurs, current federal tenancy law continues to apply. The Flemish Region…...

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In Flanders, the federal Ikea law is still in force, as since the 6th State Reform and contrary to the other Regions, the Flemish Region has not yet adopted a new regulation. On 11 May 2016, a draft decree on general regulation of commercial establishments has been submitted to the Flemish Parliament, holding new rules with regards to the operating permits in the Flemish Region.   The draft decree incorporates…...

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Click here to read the Real Estate Quarterly - Q1 & Q2 2016...

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This quarterly newsletter aims to keep you informed about the main legal and tax items of the past and coming year in relation to your business and to provide you with the detail of our coming seminars. We hope this will be useful to you. Best wishes for 2016 and we will be happy to welcome you at our annual Real Estate seminars or to meet you at MIPIM. Click here…...

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The Belgian Real Estate team is pleased to invite you to this year’s series of seminars. The topics will be: 26 January 2016 : Town-planning infringements When do we speak about ‘town planning infringement’? Practical examples and review of the categories of infringements. Which sanctions are applicable ? What is market practice ? Focus on the latest case law. Town planning infringements and asset deals: may the discovery of an…...

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Download the full pdf version of Real Estate Quarterly – Q3 2015 By Ariane Brohez The Regions have authority to determine the base, rate and exemption for e.g. registration duties on mortgages; the Flemish Region is, since 1 January 2015, competent for the collection of these registration duties as well. Taxation (if any) on other security interests, like floating charges, remains within the remit of the Federal State. Mortgages (hypothèque…...

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Download the full pdf version of Real Estate Quarterly – Q3 2015 By Ariane Brohez Since 14 August 2015, it is possible to ask for a ruling to Vlabel (Flemish tax administration) or ask for an interpretation based on a hypothetical or theoretical case. What should have been good news for taxpayers seeking an advance guarantee regarding the tax treatment of a transaction, turned into a nightmare after a few…...

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Download the full pdf version of Real Estate Quarterly - Q3 2015 Operating permits for shopping centres and retail stores: status in the 3 Regions By Ariane Brohez, Martin Manzanera and Sophie Van Berkel Background Shopping centres and (large) retail stores underwent rapid growth at the end of 1920, forcing the Belgian legislator to intervene in 1937 through the so-called “Padlock Law” that provided basically for a ban on opening…...

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Download the full pdf version of Real Estate Quarterly - Q3 2015 Self-supply of a new building: should the interim interest be included in the VAT taxable amount? By Hélène Bourleau The European Court of Justice (ECJ) has recently rendered a decision regarding the VAT taxable amount of the deemed “self-supply” which occurs when a building is used for a VAT exempt activity despite the previous deduction of the input…...

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Download the full pdf version of Real Estate Quarterly - Q3 2015 VAT taxable leases of warehouses: new Ruling By Hélène Bourleau As opposed to a standard lease of immovable property, which is, in principle, exempt from VAT, the lease of storage space / warehouses can, under certain conditions, be subject to VAT. This, consequently, gives rise to a right to deduct input VAT in the hands of the lessor.…...

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Download the full pdf version of Real Estate Quarterly - Q3 2015 Joint liability for tax and social debts: extension to the principal By Justine Thiry and Antoine Béchaimont The campaign against tax and social security fraud has always been on the agenda of the Belgian government – whatever its political persuasion. The construction industry, particularly sensitive to this issue, did not escape the regulatory determination of our politicians. The…...

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Click here to read the Real Estate Quarterly - Q3 2015...

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Download the pdf version of the Real Estate Quarterly - Q2 2015. Powers of taxation of the Belgian Regions: what’s new in Flanders ? By Ariane Brohez and Antoine Béchaimont In recent years and as a result of consecutive State reforms, a series of former "national" taxes have been devolved to the Regions, which have the power to determine the taxable base, the rate of tax and any exemptions. For…...

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Download the pdf version of the Real Estate Quarterly - Q2 2015. Hotel business in Brussels  By Ariane Brohez and Antoine Béchaimont Since 1 July 2014 and the entry-into-force of the 6th State Reform, the Regions have the authority to regulate matters related to tourism, which include the authorisations needed to operate hotel businesses. The Brussels Ordinance of 8 May 2014 on tourist accommodation, issued under this new devolved authority,…...

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Download the pdf version of the Real Estate Quarterly - Q2 2015. Tax structuring: what is still permitted? By Christophe Laurent, Ariane Brohez and Antoine Béchaimont After the implementation of the new, Federal, tax abuse provision, the Administrative Circular 8/2012 officially blacklisted the so-called "split deal" transaction, whereby a real estate asset is purchased through the simultaneous acquisition of (i) a long-term lease right or leasehold and (ii) the residual property…...

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Download the pdf version of the Real Estate Quarterly - Q2 2015. Acquisition through a joint venture: have you thought of the competition law aspects ? By Dominique Vanherck and Baptist Vleeshouwers Real estate investments are increasingly being channelled through joint ventures. Although this can be a helpful investment structure, joint venture arrangements may require competition authorities’ prior approval. The question then arises: have you paid due regard to the…...

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In this issue, we address the following topics: Tenants in distress; Acquisition through a joint venture: have you thought of the competition law aspects ? Tax structuring:  what is still permitted?; Hotel business in Brussels; Powers of taxation of the Belgian Regions: what’s new in Flanders ? Download the pdf version of the Real Estate Quarterly - Q2 2015. Tenants in distress By Jean-Luc Hagon Belgian Insolvency law mainly consists…...

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In this issue, you will find summaries of hot topics discussed during our 2015 real estate seminars: Soil aspects of corporate restructuring; Indexation in question; New environmental parking tax in Brussels; Warranty & Indemnity insurance. Download the pdf version of the Real Estate Quarterly - Q1 2015. Soil aspects of corporate restructuring When corporate law meets soil legislation… By Wim Vande Velde and Jasper Verberckmoes The interaction between the Belgian (federal)…...

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Complex matters need to be looked at from different angles. Our real estate, corporate M&A and litigation experts have therefore combined their expertise to inform you about the growing use of Warranty and Indemnity Insurance as a possible M&A structuring / negotiating tool. This topic will be further discussed during our upcoming Real Estate Seminar (share deals in real estate transactions) on 26 March 2015. Those with experience of negotiating…...

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Demain 1er juillet, la 6ème Réforme de l’Etat organisant des transferts de compétence conséquents de l’Etat Fédéral vers les Communautés et les Régions entre en vigueur. En matière d’impôt des personnes physiques, cette Réforme est déjà, aujourd’hui, une réalité. En effet, bien que les Régions ne seront compétentes qu’à partir du 1er juillet 2014, la régionalisation de l’IPP (au sens des lois de réforme) s’applique à compter de l’exercice d’imposition…...

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This booklet gives an overview of a broad spectrum of legal and tax aspects related to investing in real estate in Belgium and its purpose is to respond to the increased need for prompt information on these various aspects. It bears witness to the firm’s continued efforts to invest in knowledge and to share that knowledge. The information contained in this booklet will hopefully give you a clearer insight into…...

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Op 21 december 2013 traden twee besluiten van de Brusselse Hoofdstedelijke Regering   in werking, met name het Besluit van 2 mei 2013 tot goedkeuring van de   gedeeltelijke wijziging van het Gewestelijk Bestemmingsplan (« GBP ») en het   Besluit van 26 september 2013 betreffende de stedenbouwkundige lasten die   opgelegd worden bij de uitreiking van stedenbouwkundige vergunningen. 1         Demografisch GBP: soepelere creatie huisvesting In een vorige nieuwsbrief, gewijd…...

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  In het Decreet van 27 oktober 2006 betreffende de bodemsanering en de bodembescherming (Bodemdecreet) heeft de Vlaamse overheid onlangs een nieuw artikel 33bis ingevoegd dat een bijkomende bodemonderzoeksplicht oplegt aan exploitanten van welbepaalde risico-inrichtingen. De nieuwe bepaling kadert in de omzetting van de verplichting tot opmaak van een situatierapport op grond van de Europese Richtlijn inzake industriële emissies (RIE-richtlijn 2010/75/EU). Deze regelgeving beoogt de nultoestand inzake bodemverontreiniging vast te…...

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As from tax year 2014 (i.e. financial years ending on 31 December 2013 or in 2014 but at the latest on 30 December 2014), Belgian companies and Belgian establishments of foreign companies become subject to what is referred to as a “fairness tax” on distribution of dividends. The fairness tax is a separate assessment, at a rate of 5.15%, that targets distributed untaxed profits, i.e. profits that were not subject…...

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At the beginning of 2013, certain changes were made to the Soil Decree and Flemish Soil Regulation (‘Vlarebo’) relating to the transfer and the co-financing of soil remediation works. In addition, a new ‘moment’ was introduced to perform an orientation soil survey of ‘risk land’. Administrative simplification prior to the transfer: unilateral undertaking and financial security Prior to the transfer of risk land requiring remediation, the transferor (or the transferee…...

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The Belgian real estate market is facing several recent changes – mainly relating to taxation and town-planning matters – and we have noticed new trends, as in other European countries, relating to real estate and project financing. We briefly summarise these changes and trends below. Real estate acquisition and financing structuring New anti-abuse provision. In a nutshell, the new anti-abuse provision allows the tax administration, in the case of tax…...

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The Belgian real estate market is facing several recent changes – mainly relating to taxation and town-planning matters – and we have noticed new trends, as in other European countries, relating to real estate and project financing. We briefly summarise these changes and trends below. Real estate acquisition and financing structuring New anti-abuse provision. In a nutshell, the new anti-abuse provision allows the tax administration, in the case of tax…...