Belgium: Reporting requirements, with publication of FATCA implementing law

FATCA reporting in Belgium

Legislation that enacts, as part of Belgian domestic law, the FATCA reporting provisions pursuant to an intergovernmental agreement (IGA) with the United States has been long-awaited. The Belgian tax authorities initially set a FATCA reporting deadline of 30 July 2015. However, without a law transposing the FATCA rules into Belgian law, this deadline was not met. Publication of the law in the official gazette has been expected before the end of 2015.

Related content

Belgian financial institutions are to report the FATCA information for 2014 to the Belgian tax authorities 10 days following the publication of the law in the official gazette. On the FATCA portal of the Belgian tax authorities, it is stated that the 10-day period will be interpreted in a flexible manner meaning that, in practice, financial institutions would have one month as from the date of publication to report the 2014 FATCA information to the Belgian tax authorities.  

Correspondingly, the initial deadline for the Belgian tax authorities to exchange this information with the IRS has been delayed from 30 September 2015 to 30 September 2016. 

 

Read a December 2015 report prepared by the KPMG member firm in Belgium: FATCA - Law implementing Belgian FATCA-IGA

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG International has created a state of the art digital platform that enhances your experience, optimized to discover new and related content.