February 2023
Personal income tax rates
Personal income tax rates are progressive . This means that the tax rate rises as incomes grow. Personal income tax is calculated on all taxable income, even if some income was received or obtained abroad. The progressive tax rates for the following fiscal and income years are the following : Income brackets Tax rates Tax year 2023 (income year 2022) from 0,01 € to 13.870 € 25 % from 13.870 € to 24.480 € 40 % from 24.480 € to 42.370 € 45 % above 42.370 € 50 % Tax year 2022 (income year 2021) from 0,01 € to 13.540 € 25 % from [...]
Classes of shares’ disavantages
While creating share classes within a company may have certain advantages, it is not a trivial decision. The presence of share classes implies more cumbersome formalities for a number of operations. As an example, two of the most impacted operations are detailed below, namely: the modification of the rights attached to the classes; and the capital increase. Modification of the rights attached to the classes The creation and deletion of classes of shares, as well as the modification of the rights attached to them, require compliance with specific, particularly restrictive procedures. I. When should these special procedures be respected? The general assembly [...]
Management of the LLC (SRL/BV)
I. Structure The board of directors manages the company and takes all decisions relating to its operation. A limited liability company may have both default and collegiate management (art. 5:70 BCCA). Default management will be exercised by one or more directors with full powers. Collegial management, as the name implies, will be exercised by a collegial board of directors, whose members can only act together on behalf of the company. This should be stated in the articles of association. II. Day-to-day management The belgian codes of companies and associations extends the notion of day-to-day management. The concept of day-to-day management has been extended from [...]