dinsdag 1 december 2015

FATCA & CRS - Belgian Bill of Law

As of 2017, the Belgian fiscal authorities will be able to acquire an almost complete overview of the revenues generated and deposited by Belgians in other countries who are member of the European Union.

On 13 November, the Belgian Government introduced a bill of law implementing the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). The bill has still to be discussed, potentially amended and then adopted in committee and plenary session before being enacted.
The bill of law covers simultaneously FATCA and CRS (the latter being implemented pursuant to both the OECD/Council of Europe Multilateral Convention and the Directive on administrative cooperation in the field of taxation, as amended by Directive 2014/107/EU), provides further details and introduces new obligations and penalties.

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