28/07/2016 (Agence Europe) - Commission approves Belgian taxation system for wholesale diamond sector. On Friday 29 July, the European Commission announced that Belgian corporate tax provisions applicable to the wholesale diamond sector were in line with EU state aid rules. In May 2015, Belgium notified its intention to introduce a specific income tax regime for diamond traders, in order to address specific difficulties in the application of the general income tax regime to the sector. Under this regime, the calculation of a wholesaler's gross profit margin is based on a set percentage of turnover, without taking into account the valuation of the diamonds, which also results in a fixed calculation of the value of the stones purchased and the variation in the inventory during the accounting period (cost of goods sold), whereas the general regime is principally based on profit registered in the accounts. (JK)