Companies in Belgium are subject to a 33.99% tax on profit, meaning companies in competing diamond centres such as Dubai or Hong Kong, taxed at 16.5%, are biting at their heels. After years of discussion between the Antwerp diamond industry and the Belgian Government, in 2015 it was decided to introduce the "Diamond Regime" tax system, pending European Commission approval.
On 29 July 2016, the European Commission announced that the fiscal regime does not constitute State aid, and gave the green light for the "Carat Tax". Implementation of this new tax regime will put an end to complex discussions between the Antwerp diamond industry and tax authorities on the control and valuation of diamond traders' stock.
More information:
https://www.linkedin.com/pulse/state-aid-belgian-carat-tax-dirk-de-wolf?trk=hp-feed-article-title-publish
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