Belgians withdraw €18 billion from tax havens

Friday, 14 December 2018 14:30
Van Overtveldt attributes the return of money from tax havens to the need to comply with individual tax havens’ laws and regulations. Van Overtveldt attributes the return of money from tax havens to the need to comply with individual tax havens’ laws and regulations. © Belga
Belgians have withdrawn a combined total of €18 billion of financial wealth held within tax havens, during the course of the last four years.
The findings emerge from a report by the Banque Nationale, and are echoed on Friday in Het Laatste Nieuws.

In 2013, the Banque Nationale had calculated that €47 billion had been traced as being in tax havens outside of the EU. Now the daily publication says this total is some €29 billion.

A reduction had been noted in half of the listed countries. The most significant decrease is in the Cayman Islands (a reduction of €26 billion), in Hong Kong (down by €4.5 billion) and in Jersey (reduced by €2 billion). Conversely, an increase was noted in the United Arab Emirates (up by €6.3 billion).

The former Minister of Finance, Johan Van Overtveldt (of the New Flemish Alliance), states, “Increasingly those holding money abroad are learning that they have to comply with given rules.” He goes on, "Overall this consequence results from the Cayman tax, tax adjustment, and increased exchange of international data.”

A viewpoint hotly contested by the opposition party, the Alternative Socialists, who underline that withholding tax brought in barely more in revenues than in 2014. It stresses in Het Laatste Nieuws,“Van Overtveldt can have no way of knowing for sure that €18 billion has been brought back to Belgium.”

Christopher Vincent
The Brussels Times
Google Plus

More Stories

Antwerp social aid agency must stop using private detectives to investigate applicants

Antwerp social aid agency must stop using private detectives to investigate applicants

The municipal social aid agency (OCMW) in Antwerp has stopped using the services of private detectives to investigate aid claimants, following a decision by the organisation's outgoing chair, Fons Duchateau.

Jewish museum trial: victims' relatives speak out

Jewish museum trial: victims' relatives speak out

Following on from the presentation of the prosecution case and the arguments for the defence, Friday was the day when the trial of Mehdi Nemmouche in Brussels heard statements from the civil parties – representatives of the Jewish Museum, witnesses and relatives of the victims.

5G technology will not be achieved before 2020 at the earliest

5G technology will not be achieved before 2020 at the earliest

It will not be possible to introduce 5G technology in Belgium in 2019, L'Echo and De Tijd both report on Friday.