Belgian tax authorities hunt for cryptocurrency investors

Belgian tax authorities hunt for cryptocurrency investors
The Special Tax Inspectorate intends to strengthen its checks on Belgian gains made from cryptocurrerncies.

The Belgian tax authorities are now more closely interested in Belgians investing in cryptocurrencies. Initial cases have been opened and others may follow. The current position is reported in De Standaard and Het Nieuwsblad on Friday.

Three cases are currently being studied and a fourth file was closed and treated as a “non-case” by the Special Tax Inspectorate (STI).

Anyone speculating on the cryptocurrency market must pay tax of 33% on gains made, and declare these within the section “miscellaneous income” on their tax return. These rules were introduced at the end of last year. However, it is difficult for the STI to implement the rules as the management of cryptocurrency assets happens through impenetrable foreign trading platforms.

However, the STI intends to strengthen its checks within the sphere. Francis Adyns, the spokesman for the FPS Finance says, “It is a world in which the Belgian tax authorities still have much to achieve.”

In the cases of the three investigations currently under way, the tax information for the Belgians in question was sent by a foreign tax authority. However the STI is also counting upon approaching the trading platforms directly to obtain information on the Belgians in question.

The Brussels Times

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