Belgians regulate €590 million in “black money” in 2017
Tuesday, 09 January 2018
In December 2017, the service responsible for correcting tax irregularities has received further demands from reformed fraudsters, than during all of 2016. This is reported on Tuesday in both De Tijd and L’Echo. This is on the basis of figures from the Finance Minister, Johan Van Overtveldt (New Flemish Alliance). This end-of-year rush has led to a record in the sphere, forced by the increase on January 1st, 2018, of the applicable rate for correcting irregularities of prescribed capital (from 37 to 38%) and that of the fine for non-prescribed assets (from 22% to 23%).
In 2017, 842 applications to correct international tax irregularities were sent to the competent service, including 391 for the month of December. Some €590 million of black money has thus surfaced. In 2016, there were 314 matters throughout the year relating to the declaration of €177 million of black money.
Since September of last year, thanks to the so-called “common reporting standard” developed by the OECD, the Belgian tax authorities are up to date as to the capital held by Belgians in 53 other countries. Luxembourg is amongst such countries. There are thousands of Belgians who have continued to hide billions of euros in the Grand Duchy, including “more than 400 investors”. They are each holding at least five million there, an aspect upon which the Special Tax Inspectorate is focusing.