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18 DECEMBER 2015. - Act containing the Ways and Averages of the Budget Year 2016 (1)

PHILIPPE, King of the Belgians,
To all, present and to come, Hi.
The House of Representatives adopted and sanctioned the following:
Article 1^er. This Act regulates a matter referred to in Article 74 of the Constitution.
Art. 2. For the 2016 fiscal year, current state revenues are assessed:
For tax revenues, at EUR 52.437.481.000
For non-tax revenues, at EUR 3.497.802.000
Be set EUR 55.935.283.000
in accordance with Part I of the attached table.
Art. 3. For the fiscal year 2016, state capital revenues are assessed:
For tax revenues, at EUR 250.000.000
For non-tax revenues, at EUR 890.509.000
Be set EUR 1.140.509.000
in accordance with Part II of the attached table.
Art. 4. For the fiscal year 2016, the proceeds of borrowings are estimated at 45,830.422.000 euros, in accordance with Part III of the attached table.
Art. 5. Direct and indirect taxes, principal and additional decimals for the benefit of the State, existing as of 31 December 2015, will be recovered during the year 2016 according to the laws, decrees and tariffs that regulate the attitude and perception, including laws, decrees and tariffs that have only a temporary or provisional character.
Art. 6. The application of Articles 3 and 4, § 1^er, of the Act of 28 December 1954 containing the budget of the Ways and Means for the year 1955, is extended until 31 December 2016.
Art. 7. The King may, within the limits and conditions it determines, grant tax exemptions to the revenues of borrowings that, in 2016, would be issued or placed primarily abroad by the federal State, communities, regions, provinces, agglomerations, municipalities and public institutions or bodies, and in particular Treasury bills in foreign currency.
With respect to the income of the securities of these borrowings that would be held by Belgian residents, however, tax exemptions may only be granted to the sole financial institutions or enterprises assimilated therein and professional investors referred to in article 105, 1 and 3°, of the RA/CIR 92, and without prejudice to the application of article 262, 1°, of the Code of Moral Taxes referred to in 1992, to persons
Art. 8. § 1^er. To cover, as part of public debt management, the insufficiency of revenues in relation to the expenditures of the year 2016, including the repayment of borrowings and any expenses resulting from the financial management operations referred to in § 3, 1°, below, or the passenger cash imbalances in the fiscal year:
1° the King is authorized to issue public loans.
When the King has established a general framework for the issuance of borrowings that determines the limits of powers that may be delegated, the Minister of Finance may be authorized to issue, during the fiscal year, the borrowings that fall within this framework.
2° the Minister of Finance is authorized to issue cash certificates, Treasury bills or any other interest-bearing financing instrument.
Authorities referred to in paragraph 1^er, 1° and 2°, are also valid for the issuance of public borrowings and other interest-bearing instruments, the conditions of which are fixed in the course of 2016 and the proceeds of which are paid to the Consolidated Revenue Fund in a subsequent fiscal year to cover, as part of the management of public debt, the insufficiency of revenues over the expenditures of that last fiscal year.
The borrowings referred to in paragraph 1^er, 1° and 2°, and in paragraph 2, may be issued both in Belgium and abroad, in euros and in foreign currencies.
§ 2. The main objective of public debt management is to minimize the financial cost of federal government debt as part of market risk management and operational risks and in accordance with the overall objectives of fiscal policy and monetary policy.
Public debt management also aims to minimize the financial cost of the debt of public entities of the central government, other than the federal state itself.
To this end, the Minister of Finance, on the proposal of the Strategic Debt Committee operating within the general administration of the Treasury, determines the general guidelines for the management of federal debt; These guidelines include, in particular, the structure of the debt portfolio and the level of risks associated with it.
The Strategic Debt Committee shall make arrangements for the implementation of these general guidelines. These are the framework for the implementation of the financial transactions properly referred to by the Formed Debt Agency within the FPS Finance, Treasury Board.
§ 3. The Minister of Finance is authorized:
1° to conclude any financial management transaction within the limits determined under § 2 above.
A financial management operation means:
(a)the Treasury's day-to-day operations, i.e., the financial transactions resulting from the need to ensure the daily cash balance;
(b) trade in securities;
(c) the adaptation of existing contractual conditions or terms of refund of borrowings, carried out in agreement with lenders and in accordance with market conditions;
(d) investments of any kind, including those necessary for the continuity of Treasury funding;
(e) swaps of interest and foreign exchange swaps, options, futures contracts, and any other instrument for the management of financial, budgetary and credit risks related to the federal State's debt and authorized by the Minister of Finance under § 2 above;
(f) purchases of federal debt securities in secondary markets;
(g) temporary disposal, through transfer-retrocession or other transactions that have a similar economic effect, cash certificates, linear bonds, split securities and State Goods to primary dealers and recognized dealers.
On the proposal of the Strategic Debt Committee, the temporary arrangements referred to in paragraph 1^er may be extended to institutions subject to a rating obligation for the Treasury of the Kingdom of Belgium, other than the primary dealers and recognized dealers referred to in paragraph 1^er;
(h) the provision of a very short period of money by the Treasury as a last resort lender to the public entities of the central government. This provision must be due to the insufficient supply of the account of the entity concerned open to bpost caused by operational problems and be indispensable for the execution of compelling payments;
(i) the financial transactions of the Consolidated Revenue Fund other than those referred to in (h) with the public entities of the central administration, except for cash facilities intended to cover temporary cash deficits of those entities for which other terms and conditions are determined for the placement or investment of their availabilities other than those provided by the consolidation measures of the financial assets of the public administrations, imposed by or under the law or for which a minimum amount of availability is determined
(j) derivatives for management:
o the cost of energy consumption of the federal state;
o the cost of the other operating expenses of the federal State, which the King may designate;
2° complementary to exchanges of existing debt securities against new linear obligations, to liquidate prorated interest payments related to securities in circulation, by way of handover to persons entitled to linear obligations;
3° in accordance with the Convention of 5 January 1994 with the National Bank of Belgium, to create dematerialized securities representative of the debt of the State, having the same characteristics as those of the securities in circulation, in order to lend these short-term securities to the National Bank of Belgium according to the needs of its securities liquidation system;
4° to issue dematerialized securities representative of the State's debt to be accounted for in the securities liquidation system of the National Bank of Belgium with a view to making possible the transactions provided for in 1°, g) or with a view to placing these securities as financial security rights to third parties;
5° to proceed, depending on the needs of the securities liquidation system of the National Bank of Belgium, to the creation of linear obligations having the same characteristics as the linear obligations in circulation in order to make possible the reconstruction of linear obligations using BE-strips.
§ 4. By derogation from section 19 of the Act of 22 May 2003 on the organization of the budget and accounting of the federal state, the proceeds of the short-term financing instruments (cash certificates, Treasury bills and similar instruments) as well as the outputs resulting from the operations referred to in § 3, 1°, g) are not included in the budget.
In order to ensure continuity of Treasury funding, the authorities referred to in § 1^erParagraph 1^er, 1° and 2°, also apply to borrowings whose conditions are fixed in previous fiscal years and whose proceeds are paid in the course of 2016.
The Minister of Finance is authorized to manage a foreign currency cash flow to avoid any impact on the conduct of the foreign currency monetary policy as part of the Treasury's financial management.
As part of the financial management operations provided for in § 3, 1° above, the Minister of Finance is authorized to hold titles:
1° in the securities liquidation system of the National Bank of Belgium;
2° in international securities liquidation systems and in international securities conservation systems;
3° in certain financial institutions authorized by the legislation that is applicable to them to retain deposits on behalf of third parties.
§ 5. The Minister of Finance may delegate to the SPF Finance, general administration of the Treasury, as well as to the staff of the Debt Agency incorporated in the general administration of the Treasury that he designates for the specific tasks provided by him:
(a) the power to determine, within the limits provided by the King and according to the needs of the Treasury, the amount and the financial conditions of the emissions of public borrowing referred to in § 1^erParagraph 1^er, 1°, and 2 and the powers necessary for the successful conclusion of these emissions;
(b) the powers referred to in § 1^erParagraph 1^er2° and 2 § 3 and § 4, paragraphs 3 and 4.
Art. 9. For projects under their jurisdiction, for the implementation of Article 5, § 1, of Regulation (C.E.E.) No. 1941/81 concerning an integrated development programme for the disadvantaged areas of Belgium, the financial means to be allocated are paid to the budgets of the Regions.
These financial means are taken from the reimbursements to the Belgian treasury that the European Communities are required to make, as a cost of collection, pursuant to Article 3, 1°, 5th paragraph, of the decision of 21 April 1970 of the Council of Ministers of the European Communities on the replacement of Member States' contributions by resources specific to the European Communities, approved by the law of 23 December 1970.
The amounts to be transferred are determined by the Minister of Finance according to the competitions decided or provided by the Commission of the European Communities.
Art. 10. With a view to the implementation of Council Regulation (EC, EURATOM) No. 609/2014 of 26 May 2014 on the modalities and procedure for making available the traditional own resources, the T.V.A. resource based on the T.V.A. resource and the clean resource based on the GNI and the measures to meet the cash requirements, the rights observed unrecorded, detected in the interest of the controls, increased from
By derogation from Article 60 of the Act of 22 May 2003 on the organization of the budget and accounting of the federal state, these rights, which have been increased by interest, are taken from the reimbursements to the Belgian Treasury that the European Communities are required to perform as a collection fee, pursuant to Decision 2007/436 of 7 June 2007 on clean resources and Decision 2014/335 of 26 May 2014 on clean resources
Art. 11. Pursuant to Article 53, paragraph 1^er, 1°, of the special law of 16 January 1989 on the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State, by the special law of 13 July 2001 on the refinancing of communities and the extension of the fiscal powers of the regions, by the special law of 19 July 2012 on the fair financing of the Brussels Institutions and by the special law of 6 January 2014 on the reform of the financing of the regions and the
(a) the award referred to in Article 4, § 5, of the same special law of 16 January 1989 of the interest of delay, the charge of the interests of moratoriums, and fixed and proportional tax fines on the regional taxes referred to in Article 3 of that special law;
(b) the situation referred to in Article 5, § 3, paragraph 2, of the same special law of 16 January 1989, in which the Flemish Region itself provides, from the 1999 taxation year, the real estate tax service referred to in Article 3, 5°, of that same special law;
(c) the situation referred to in Article 5, § 3, of the same special law of 16 January 1989, where:
1) the Walloon Region provides itself, from 1^er January 2010, the regional tax service referred to in Article 3, 1°, 2° and 3°, of the same special law;
2) the Walloon Region provides itself, from 1^er January 2014, the regional tax service referred to in Article 3, 10°, 11° and 12°, of the same special law;
3) Flemish Region provides itself, from 1^er January 2011, the regional tax service referred to in Article 3, 10°, 11° and 12° of the same special law;
4) the Flemish Region provides itself, from 1^er January 2015, the regional tax service referred to in Article 3, 4°, 6° to 8°, of the same special law;
the regional tax transfers referred to in Article 3 of the same special law, plus the above-mentioned interests and fines, are estimated for the fiscal year 2016 at 98.165,000 EUR for the Flemish Region, at 1.941.423.000 EUR for the Walloon Region and 1.366.407.000 EUR for the Brussels Capital Region.
Art. 12. Pursuant to Article 53, paragraph 1^er, 2°, of the special law of 16 January 1989 on the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State, by the special law of 13 July 2001 on the refinancing of communities and the extension of the fiscal powers of the regions, by the special law of 19 July 2012 on the fair financing of the Brussels Institutions and by the special law of 6 January 2014 on the reform of the financing of the regions and the
(a) the Act of 23 May 2000 establishing the criteria referred to in Article 39, § 2, of the same special law of 16 January 1989;
(b) the amount referred to in article 81quinquies, § 2, of the same special law of 16 January 1989, which is deducted from the assigned portion of the proceeds of the value added tax referred to in article 40quinquies of the same special law and attributed to the Flemish Community;
(c) the amount of transition referred to in Article 48/1, §§ 1 and 4, of the same special law of 16 January 1989 for the Flemish Community and for the French Community which is, in accordance with Article 48/1, § 5, of the same special law:
(1) deducted from the assigned portion of the income from the tax of the federal natural persons referred to in section 47/2 of the same special law and granted respectively to the Flemish Community and the French Community, if the transition amount is positive,
(2) added to the assigned portion of the product of the tax of the federal natural persons referred to in section 47/2 of the same special law and granted respectively to the Flemish Community and the French Community, if the transition amount is negative;
(d) the contribution of accountability referred to in section 65quinquies, the same special law of 16 January 1989 for the Flemish Community and the French Community, which is deducted from the assigned portion of the income of the tax of the federal natural persons referred to in section 47/2 of the same special law and granted respectively to the Flemish Community and the French Community;
(e) the likely balance of the 2015 budget year's count of the assigned portions of the federal natural person's income tax and the proceeds of the A.T. referred to in section 36 of the same special law of 16 January 1989;
transfers in respect of the assigned portions of the value added tax and the proceeds of the tax of the federal natural persons referred to in section 36 of the same special law are estimated for the fiscal year 2016, at EUR 13.938.141.343 for the Flemish Community and EUR 9.120.660.391 for the French Community.
Pursuant to Article 60 of the Law of 31 December 1983 of Institutional Reforms for the German-speaking Community, recently amended by the Law of 19 April 2014, and taking into account:
(a) the amount of transition referred to in article 58novodecies, § 1^erthe same Act of 31 December 1983 for the German-speaking Community, which is, in accordance with Article 58novodecies, § 3, of the same Law:
(1) deducted from the assigned portion of the income from the tax of the federal natural persons referred to in section 58nonies of the Act and granted to the German-speaking Community, if the transition amount is positive,
(2) added to the assigned portion of the product of the tax of the federal natural persons referred to in section 58nonies of the same special law and granted to the German-speaking Community, if the transition amount is negative;
(b) the contribution of accountability referred to in Article 60quater of the same Act of 31 December 1983 for the German-speaking Community, which is deducted from the assigned portion of the income of the tax of the federal natural persons referred to in Article 58nonies of the same Act and granted to the German-speaking Community;
(c) the likely balance of the 2015 budget year's count of the assigned portions of the federal natural person's income tax and of the T.V.A.'s proceeds referred to in sections 58nonies to 58undecies of the same Act of 31 December 1983;
transfers in respect of the assigned portions of the value-added tax and the proceeds of the tax of the federal natural persons referred to in sections 58nonies to 58undecies of the same Act are estimated for the fiscal year 2016, at EUR 149.090.808 for the German-speaking Community.
Art. 13. In accordance with articles 53, paragraph 1^er, 3°, 64quater and 64quinquies of the special law of 16 January 1989 relating to the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State, by the special law of 13 July 2001 relating to the refinancing of the communities and the extension of the fiscal powers of the regions, by the special law of 19 July 2012 on the fair financing of the Brussels Institutions and by the special law of 6 January 2014
(a) the amount of transition referred to in section 48/1, paragraphs 2 and 4, of the same special law of 16 January 1989 for the Flemish Region, the Walloon Region and the Brussels-Capital Region which is, in accordance with section 48/1, § 5, of the same special law:
(1) deducted from the assigned portion of the tax of the federal natural persons referred to in sections 35octies to 35decies, the same special law and granted respectively to the Flemish Region, the Walloon Region and the Brussels-Capital Region, if the transition amount is positive,
(2) added to the assigned portion of the product of the tax of the federal natural persons referred to in sections 35octies to 35decies, the same special law and granted respectively to the Flemish Region, the Walloon Region and the Brussels Capital Region, if the transition amount is negative;
(b) amounts referred to in Article 64quater, § 3, paragraph 1^er, of the special law of 16 January 1989 which is deducted from the assigned portion of the tax of the federal natural persons referred to in section 35decies, the same special law and granted respectively to the Flemish Region and the Walloon Region;
(c) the contribution of accountability referred to in Article 65quinquies, the same special law of 16 January 1989 for the Flemish Region, the Walloon Region and the Brussels-Capital Region which is deducted from the assigned portion of the income of the tax of the federal natural persons referred to in sections 35octies to 35decies, of the same special law and granted respectively to the Flemish Region, the Walloon Region and
(d) the likely balance of the 2015 budget year's count of the assigned portions of the federal natural person's tax product referred to in sections 35octies to 35decies, 64quater and 64quinquies of the same special law of 16 January 1989;
are estimated for the 2016 fiscal year at 2.326.101.145 EUR for the Flemish Region at 2.609.503.406 EUR for the Walloon Region and 1.064.023.067 EUR for the Brussels Capital Region.
Art. 14. Transfers in respect of non-fiscal revenues from the regions referred to in Article 2bis, of the special law of 16 January 1989 relating to the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State, by the special law of 13 July 2001 on refinancing of the communities and extension of the fiscal competences of the regions, by the special law of 19 July 2012 with just financing of the Brussels Institutions
Art. 15. Transfers referred to in sections 54/1 and 54/2 of the special law of 16 January 1989 relating to the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State, by the special law of 13 July 2001 concerning the refinancing of the communities and the extension of the tax powers of the regions, by the special law of 19 July 2012 on the fair financing of the Brussels Institutions and by the special law of 6 January 2014^er, of the same special law of 16 January 1989, after deduction of the tax reductions and tax credits referred to in Article 5/5, § 4, of the same special law, are estimated, for the fiscal year 2016, to 5,485,370,184 EUR for the Flemish Region, to 2.492.539.286 EUR for the Walloon Region and to 788.724.594 EUR for the Brussels-Capital Region.
Art. 16. The transfer granted to the Joint Community Commission in respect of the assigned portion of the income of the tax of the federal natural persons referred to in Article 65, § 1, 2° /1 in § 6, the special law of January 16, 1989 on the financing of the communities and regions, as amended by the special law of July 16, 1993 to complete the federal structure of the State, by the special law of July 13, 2001 on the refinancing of the communities and the extension of the fiscal powers of the regions of the
(a) the amount of transition referred to in Article 48/1, §§ 1 in 4, of the same special law of 16 January 1989 for the Joint Community Commission which is, in accordance with Article 48/1, § 5, of the same special law:
(1) deduct from the assigned portion of the tax of the federal natural persons referred to in section 65 of the same special law and granted to the Joint Community Commission, and possibly deducted from the endowments referred to in sections 47/8 and 47/7 of the same special law and granted to the Joint Community Commission, if the transition amount is positive;
(2) added to the assigned portion of the tax of federal natural persons referred to in section 65 of the same special law and granted to the Joint Community Commission, if the transition amount is negative;
(b) the contribution of accountability referred to in section 65quinquies, of the same special law of 16 January 1989 for the Joint Community Commission which is deducted from the assigned portion of the tax of federal natural persons referred to in section 65 of the same special law and granted to the Joint Community Commission, and possibly deducted from the endowments referred to in sections 47/8 and 47/7 of the same special law and granted to the Joint Community Commission;
(c) the likely balance of the 2015 budget year count of the assigned portions of the income of the tax of the federal natural persons referred to in sections 65, § 1, 2° /1 and § 6 of the same special law of 16 January 1989
Art. 17. The transfer in respect of the assigned portion of the income of the tax of the federal natural persons referred to in sections 65bis and 65ter of the special law of 16 January 1989 on the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State, by the special law of 13 July 2001 on the refinancing of the communities and the extension of the tax powers of the regions, by the special law of 19 July 2012
(a) the contribution of accountability referred to in section 65quinquies, of the same special law of 16 January 1989 for the French Community Commission, which is deducted from the assigned portion of the income of the tax of federal natural persons referred to in section 65bis, of the same special law and granted to the French Community Commission;
(b) the likely balance of the 2015 budget year's count of the assigned portion of the natural person's tax income referred to in sections 65bis and 65ter of the same special law of 16 January 1989;
Estimated for fiscal year 2016 at 63.422.587 EUR for the French Community Commission and 15.895.066 EUR for the Flemish Community Commission.
Art. 18. The transfer in respect of the assigned portion of the income of the tax of the federal natural persons referred to in section 46bis of the special law of 12 January 1989 on the Brussels institutions, as amended by the special law of 13 July 2001 on the transfer of various powers to the regions and communities, by the special law of 13 July 2001 on the refinancing of the communities and the extension of the tax powers of the regions, by the special law of 19 July 2012 amending
Art. 19. Revenues for the benefit of communities and regions are paid, as the case may be, either to a general budget allocation fund or to a Treasury Board account.
Art. 20. This Act comes into force on 1^er January 2016.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 18 December 2015.
PHILIPPE
By the King:
Minister of Finance,
J. VAN OVERTVELDT
The Minister of Budget,
Ms. S. WILMES
Seal of the state seal:
Minister of Justice,
K. GEENS
____
Note
(1) House of Representatives
(www.lachambre.be)
Documents: 54.1351 - 2015/2016
Full report: 17 December 2015 .

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