In the past, the Tax Ruling Service has taken several decisions whereby it was not excluded that the grant of warrants/options on Beveks/Sicavs or the grant of quoted options could be considered as an improper use if such grant would be considered ‘disproportionate’ in comparison with the conventional attributed remuneration. The Tax Ruling Service never specified what should be regarded as disproportionate. In their recent newsletter, the Tax Ruling Service sheds light on how they ..