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The principle of the company car in Belgium will not be affected for the time being, but there will be drastic changes in the near future. From 2026, employers will only be able to offer electric company cars if they do not want to lose their tax advantage. All cars must then be emissions-free. If this is not the case, businesses will no longer be able to deduct the costs of the company car from tax.
Petrol, hybrids and diesel cars registered up to and including 1 July 2023 will not lose their tax benefit. A transitional arrangement will apply to the period between 1 July 2023 and 31 December 2025.
The Deductibility of Cars
The government intends to completely stop the deductibility of cars with internal combustion engines by 2028. In 2025, the deductibility will be capped at a maximum of 75% and this will gradually decrease to 0% by 2028.
Do you have questions about electric company cars in Belgium? We explain the new rules to you. Karine Vandenplas, Business Manager, ECOVIS Lindra, Leuven, Belgium
What will Change for the Employee?
Employees are taxed on the benefit in kind (BIK) for the private use of their company car. The amount of BIK is linked to the car’s CO₂ emissions and is therefore considerably lower for electric cars than for those with an internal combustion engine. This mechanism will also remain in place under the new rules, which means that the tax on BIK will decrease for people who switch to an emissions-free company car.
Installation of Charging Stations
Due to the increase in the number of electric cars in the future, more charging stations will be needed. The Flemish government is promising to install at least 30,000 public charging stations by 2025 for people who do not have their own. Companies that install charging stations in their car parks before the end of 2022 will be able to deduct these costs at 200%, provided that these charging stations are also open to the public, explain the Ecovis experts. Employees who install their own charging station before 2023 will be able to deduct 45% of the costs in their personal tax return. After this date, the tax benefit will drop to 30%.
Accounting Firms in Australia: ECOVIS Clark Jacobs makes the Top 100 Firms
ECOVIS Clark Jacobs has again been named in the Australian Financial Review’s Top 100 Accounting Firms, ranking #58 for 2021. Published each year in November, the AFR’s list ranks accounting firms by total revenue for the financial year, but also examines revenue growth, new partners and number of graduates. They also review the industry trends for that year, scrutinizing movements within the sector and what this means for accountants and their clients.
ECOVIS Clark Jacobs has been part of the AFR’s Top 100 for the past 15 years. Ten years ago, the Firm was ranked #90 in Australia and has gradually improved its position through the years.
Our business has grown significantly during the past decade and the AFR’s Top 100 has documented our development as we’ve moved up the list. It’s exciting to see the progress year-on-year, particularly considering the calibre of firms on the list. David Conley, Director, ECOVIS Clark Jacobs in Sydney
While offering an extensive range of services, ECOVIS Clark Jacobs has developed particular expertise in providing services to clients in the specialised sectors of medicine, dentistry, law and financial services.
They also provide a comprehensive offering for offshore companies wanting to expand into Australia, advising on everything from trading structures to tax registrations and insurance, and helping with ongoing business needs such as an outsourced finance, admin and payroll function. They can also assist with resident director services, to satisfy this legal requirement when a foreign enterprise doesn’t have a director residing in Australia.
Real Estate Investment in Spain: The Market After COVID-19 and New Government Regulations
Although prices for urban real estate have risen despite the corona pandemic, rental prices are falling in major Spanish cities. The Spanish Government is preparing a new law for urban housing that includes some price control measures.
The rental prices are falling in the big city markets such as Madrid and Barcelona. This is due to a variety of factors including the economic crisis, tourist apartments returning to the market as a result of less travel after the pandemic, or the pressure of recent new regulations. The Spanish Government is preparing a new law for urban dwellings which will introduce some price control measures in areas where prices have been going up in recent years.
We can advise you if you want to buy or sell real estate in Spain, as well as on international investments. Christian Koch, Partner, Lawyer, ECOVIS Legal Spain v. Carstenn-Lichterfelde Abogados, Madrid, Spain
What the Spanish Government is Planning for Real Estate Investment in Spain
The measures will include a mandatory reduction in rents for large-scale property owners and prevent all other owners from increasing rents, with tax-benefits for those owners who decrease the rent they charge for their residences.
There are also some modifications to tax-legislation which will affect investments in the real estate market. These include increases in municipal taxes for residences that remain empty for some time, a new sales tax for residences in urban areas to replace prior legislation that was declared unconstitutional, and some government assistance for repair works that increase the energy efficiency of the buildings, explain the Ecovis advisers.
However, in the short term at least, the decreased rents and increased regulation of the sector will have a negative effect on the return on investment.
For further information please contact:
Christian Koch, Partner, Lawyer, ECOVIS Legal Spain v. Carstenn-Lichterfelde Abogados, Madrid, Spain Email: firstname.lastname@example.org