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28 JULY 2011. - An Act to amend the Income Tax Code 1992 and the Code of Miscellaneous Duties and Taxes in respect of Insurance Product Revenue and to make a Miscellaneous Provision (1)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
CHAPTER 1. - General provision
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
CHAPTER 2. - Amendments to the Income Tax Code 1992
Art. 2. In Article 18, paragraph 3, of the Income Tax Code 1992, inserted by the Act of 20 March 1996 and amended by the Act of 27 December 2005, the words "subject to Article 19, § 1^er, 4° and 19bis. are replaced by the words " referred to in Article 19, § 1^erParagraph 1^er, 4°, and 19bis. "
Art. 3. In Article 19 of the Code, amended by the Acts of 28 July 1992, 22 July 1993, 20 March 1996, 10 March 1999, 15 December 2004, 27 December 2004 and 27 December 2005, the following amendments are made:
1° paragraph 1^er is completed by the following paragraph:
"The values of redemption of life insurance contracts referred to in paragraph 1^er, 3°, also include:
1° the values of redemption referred to in Article 6, paragraphs 3 and 4, of the Royal Decree of 14 November 2008 implementing the law of 15 October 2008 concerning measures to promote financial stability and in particular establishing a State guarantee relating to the credits granted and other transactions carried out in the context of financial stability, with regard to the protection of deposits and insurances on life, and amending the law of 2 August 2002
2° any amount paid by a liquidator or curator to the insurance taker when it is found that the insurance company is failing, namely:
(a) where the insurance company is declared bankrupt;
(b) where the competent authority for prudential control has notified the Special Deposit and Life Assurance Fund or a similar fund that it has found that the financial situation of the insurance company has led it to refuse to repay an enforceable asset and no longer allows it, either immediately or within a short period of time, to repay such an asset. »;
2° in paragraph 2, the words " referred to in § 1^er, 4°," are replaced by the words "see § 1^erParagraph 1^er4°, »;
3° in paragraph 4, the words " referred to in § 1^er, 3°," are each time replaced by the words "targeted in § 1^erParagraph 1^er, 3°,".
Art. 4. In Article 21 of the same Code, last amended by the Royal Decree of 3 March 2011, the words "in Article 19, § 1^er," are each time replaced by the words "in Article 19, § 1^erParagraph 1^er"
Art. 5. Section 34 of the Code, amended by the Acts of 28 December 1992, 17 May 2000, 19 July 2000, 24 December 2002, 28 April 2003, 27 December 2004 and 22 December 2008, is supplemented by the following paragraph:
“§ 5. The values of redemption of life insurance contracts referred to in § 1^er, 2°, constituted by means of personal cotisa-tions of supplementary insurance against old age and premature death for the constituting of an annuity or capital in case of life or in case of death, or contributions referred to in Articles 104, 9°, and 1451, 2°, and the values of redemption of a savings insurance referred to in § 2, 2°, also include:
1° the values of redemption referred to in Article 6, paragraphs 3 and 4, of the Royal Decree of 14 November 2008 relating to the execution of the law of 15 October 2008 concerning measures to promote financial stability and in particular establishing a State guarantee relating to the credits granted and other transactions carried out in the context of financial stability, with regard to the protection of deposits and insurances on life, and amending the law of
2° any amount paid by a liquidator or curator to the insurance taker when it is found that the insurance company is failing, namely:
(a) where the insurance company is declared bankrupt;
(b) where the competent authority for the prudential control has notified the Special Fund for the Pro-Tection of Deposits and Insurance on Life or a similar Fund that it has found that the financial situation of the insurance company has led it to refuse to repay an enforceable asset and no longer allows it, at the moment or within a short time, to repay such a person. »
Art. 6. In article 262, 5°, of the same Code, replaced by the Act of 20 March 1996 and amended by the Act of 22 December 1998, the words "in article 19, § 1^er, 4°," are replaced by the words "in Article 19, § 1^erParagraph 1^er4°,".
Art. 7. In article 267, last paragraph, of the same Code, inserted by the Act of 20 March 1996, the words "in article 19, § 1^erFour. are replaced by the words "in Article 19, § 1^erParagraph 1^erFour. "
Art. 8. In section 313, paragraph 1^er, 4°, of the same Code, replaced by the law of 16 April 1997, the words " referred to in Article 19, § 1^er2°; are replaced by the words " referred to in Article 19, § 1^erParagraph 1^er2°; "
Art. 9. In Part VII, Chapter VI, Section II of the same Code, an article 364quater is inserted, as follows:
"Art. 364quater. § 1^er. When redemption values referred to in Article 19, § 1^er, paragraph 2, are transferred directly to a contract that meets the same tax conditions as the original contract, this transaction is not considered to be a payment or attribution, without prejudice to the right to collect the tax upon subsequent payment or award to the beneficiary.
§ 2. When redemption values referred to in Article 34, § 5, are transferred directly to a contract that meets the same tax conditions as the original contract, this transaction is not considered a payment or attribution, without prejudice to the right to collect the tax upon subsequent payment or award to the beneficiary.
§ 3. Where, under the preceding paragraphs, the transfer of redemption values referred to therein is not considered a payment or attribution:
1° the delays in the original contract, including the possible period of suspension of the contract outside the control of the insurance taker, and the new contract, shall be added for the calculation of any time-limits to be met under this Code in respect of the duration or period of liquidation;
2° the age at which the original contract was concluded, is, if any, determining whether a condition established under this Code is met in this respect;
3° payments in a taxable period pursuant to the original contract and the new savings insurance contract are added to determine whether the maximum amount set out in this Code is not exceeded and these payments are, by derogation from Article 1458, paragraph 3, considered as payments for a single savings insurance. »
CHAPTER 3. - Amendment of the Code of Miscellaneous Duties and Taxes
Art. 10. Section 176², 11°, of the Code of Miscellaneous Duties and Taxes, repealed by the Programme Law of 27 December 2005, is reinstated in the following wording:
"11° the redemption values referred to in Article 364quater of the Income Tax Code 1992, when these amounts are used to enter into a life insurance contract referred to in Article 175³. »
CHAPTER 4 . - Amendment of the Royal Decree of 14 November 2008 implementing the Act of 15 October 2008 on measures to promote financial stability and, in particular, establishing a State guarantee on the credits granted and other transactions carried out in the context of financial stability, with regard to the protection of deposits and life insurance, and amending the Act of 2 August 2002 on the supervision of the financial sector and financial services
Art. 11. In Article 9/1 of the Royal Decree of 14 November 2008 implementing the Act of 15 October 2008 on measures to promote financial stability and in particular establishing a State guarantee on the credits granted and other transactions carried out in the context of financial stability, with regard to the protection of deposits and life insurance, and amending the Act of 2 August 2002 on the supervision of the financial sector inserted in the financial services,
"It is also made an exception to the prohibition under paragraph 1^erfor the provision of all agents of the Federal Public Service Finance, provided that they are regularly responsible for the establishment or recovery of taxes, all appropriate, relevant and non-excess information in the possession of the Special Fund for the Protection of Deposits and Insurance on Life, provided that they contribute to the continuation of the mission of these agents for the establishment or recovery of any tax established by the State. This exception is particularly applicable when the said Fund is required to meet the obligations of tax payers. »
CHAPTER 5. - Entry into force
Art. 12. This Act produces its effects on 1^er January 2011.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 28 July 2011.
ALBERT
By the King:
Deputy Prime Minister and Minister of Finance and Institutional Reforms,
D. REYNDERS
Seal of the state seal:
Minister of Justice,
S. DE CLERCK
____
Note
(1) Final Session 2010-2011.
House of Representatives.
Documents. - Proposal by Mr. Goffin et al., 53 1611/001. - Addendum, 53 1611/002. - Report., 53 1611/003. - Text corrected by the commission, 53 1611/004.
See also:
Full report. - 30 June 2011.
Senate. - S. 5-1143