Les implications de la réserve de liquidation

Abstract

In 2013, the Belgian government decided to increase the withholding tax on liquidation surpluses from 10% to 25%. This increase penalizes especially shareholders of smaller companies who expected to distribute the profits accumulated over years as pension complement at a relatively low tax rate in the future. The government decided in 2014 to insert the regime of the ordinary liquidation reserve. This regime allows the distribution of current and future profits at the low tax rate of 10% in case of a future liquidation. Neither the transitional regime inserted in 2013 nor the regime of the ordinary liquidation reserve allows the distribution of profits of the years related to the taxation years 2013 and 2014 at the low tax rate of 10% in case of a future liquidation. That is why the government inserted the regime of the special liquidation reserve in 2015. In fact, this regime allows the distribution of profits related to these years at the low tax rate of 10%. In this thesis, we analyze what these two regimes mean in reality to a company and her shareholders and if it is interesting to constitute an ordinary or a special liquidation reserve.