As part of the 'Summer Agreement', the Federal Government has abolished the withholding tax on the leasing or rental of tangible movable property such as ships, announced Finance Minister Jan Jambon (N-VA).
The Federal Government cemented the agreement just in time for Belgian National Day. The agreement aims to make the economy more competitive and will need to be approved by the Federal Parliament.
"Current tax revenues do not outweigh the potential economic benefits of additional ships, jobs, and activity in our ports," said Jambon. "The shipping sector is known and praised for its innovation, economic strength, and enormous competitiveness. The current tax rules make it unattractive to sail under the Belgian flag."
The withholding tax on the rental, lease, use, or concession of movable property was 30%.
