As you may have heard, President Obama announced proposals on May 4, 2009 that are mainly aimed at certain tax benefits enjoyed by U.S. multinational companies. We kindly draw your attention to the attached Tax Alert that provides an initial overview of these proposals. Although the proposals are primarily focussed on U.S. companies with foreign activities (as well as U.S. wealthy individuals harboring cash in offshore accounts), these proposals may also apply to the situation of Belgian or other European multinational groups, owning U.S. subsidiaries. Although the full details behind the proposals are not expected until later this week, it is important to be already aware of the possible changes and to determine whether restructuring is required.