Belgium to Close Corporate-Tax Loophole to Meet EU Deficit Goal
Dollar amounts in millions. FY = fiscal year. TTM = trailing 12 months. Because of seasonality in some businesses, the numbers for the last period on the right — the TTM figures — aren’t always comparable to the FY results preceding them. To compare quarterly margins to their prior-year levels, consult this chart. Source: S&P Capital IQ.
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Companies that have avoided paying corporate income taxes will face a 5 percent levy on the dividends they distribute to shareholders, Finance Minister Koen Geens told reporters in Brussels today. The measure should bring in as much as 210 million euros ($274 million) annually and about a quarter of the proceeds will be used to reduce labor taxes for small and medium-sized enterprises. The government of Prime Minister Elio Di Rupo will also increase excises on tobacco and alcoholic beverages and apply value-added tax to legal counseling. Additional tax revenue and spending cuts in health care, defense and development cooperation will trim the federal governments budget deficit by 750 million euros this year and by 2.37 billion euros next year, Budget Minister Olivier Chastel said. Tax increases will account for 264 million euros and 672 million euros of the savings, respectively.
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