On 19 February 2013, the Belgian administration published a clarifying circular (No. 3/203 (AFZ/097-0380) of February 2013) on the Belgium - United States Income Tax Treaty (2006) (the Treaty). The most important details of the circular are summarized below. (a) Business profits derived by hybrid entities Articles 1(6) and 3(1)(c) of the Treaty provide that hybrid entities are entitled to treaty benefits. The benefits are granted if the following cumulative conditions are met: -   an entity is by one state classified as a non-transparent entity and by the other state as a transparent entity; and -   the income derived by...