By Law of 16 December 2015 (published in the Belgian Official Gazette on 31 December 2015), Belgium has finally implemented FATCA into the Belgian legal order.
The law also implements the automatic exchange of information following CRS and DAC2.
The long awaited publication gives green light on the first FATCA-reporting to the Belgian tax authorities on 2014 for which the deadline was originally set at 30 June 2015. However, in absence of the FATCA law, this deadline was not achieved. According to the Law, the Belgian Financial Institutions (FIs) need to report the 2014 FATCA information to the Belgian Tax Authorities ten days following the publication of the Law, i.e. by 10 January 2016. The Belgian Tax Authorities have however immediately informed that the 10 day-period will be interpreted in a flexible way. Initially, the FIs were granted 30 days as from the publication of the law to report the 2014 FATCA information to Belgian tax authorities, i.e. by 30 January 2016.
This administrative tolerance has meanwhile been extended. Reporting with respect to financial year 2014 should now be submitted by 15 April 2016 at the latest. It has been stressed that the due date for FATCA reporting on financial year 2015 however will not change: reporting on financial year 2015 will still be due by 30 June 2016 as stated by law.
Please note that for CRS the first reporting on financial year 2016 will have to be submitted by 30 June 2017.
Should you need any assistance with the FATCA reporting in Belgium, please contact your local KPMG Tax Adviser or Kris Lievens.