On 3 September 2008, a Bill, dated 24 July 2008, was published on the website of the Belgian Lower House concerning the implementation of the provisions of the Merger Directive 90/434/EEC(Directive), as amended by Directive 2005/19/EC. The Bill provides that the following reorganizations covered by the Directive are tax-neutral:
| - | a transfer of assets, or all or one or more branches of activity, by a company resident in Belgiu… |