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    Belgians massively regularize hidden assets

    © Belga
    © Belga

    Belgians massively regularize their money hidden abroad. Until last 25 October, 1,674 applications for amnesty were introduced to a total amount of just over one billion euros, reports Monday De Standaard. After twelve years of regularization, there is still a lot of money that needs to surface. In 2013, the Di Rupo Government had announced a “very last” possibility of regularization. But the current Michel Government launched another amnesty operation in 2016.

    The arrangement has proven to be difficult, for the cooperation agreements with the regions on the regularization of local taxes were delayed. It seems now that the system has found its stride. An end-of-the-year rush is now expected.

    Out of the billion euros that are subject to a request for regularization, the equivalent of 883.6 million euros worth of files have already been treated. This has allowed the Treasury to recover 326 million euros, of which 170 million this year. The government had estimated an income of 200 million euros in its 2018 budget.

    Finance Minister Johan Van Overtveldt says in the Flemish newspaper that he expects to see an increase in applications for regularization, especially with the exchange of information with Switzerland now being operational.

    The Brussels Times