Belgium: Payments made into “tax haven” jurisdictions | KPMG | GLOBAL

Belgium: Reporting requirements, payments made into “tax haven” jurisdictions

Belgium: Payments made into “tax haven” jurisdictions

Companies subject to Belgian corporate income tax and non-resident corporate income tax must report payments totaling at least €100,000 per financial year to beneficiaries established in countries considered to be “tax havens.” For these purposes, the list of tax havens includes jurisdictions that have “low taxation” or have no taxation.

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The Global Forum on Tax Transparency and Exchange of Information for Tax Purposes published new peer review reports for 17 countries or jurisdictions. In those reports, certain jurisdictions—such as the Marshall Islands—received a "non-compliant rating," and other jurisdictions—including the Federated States of Micronesia—were considered to be non-compliant on an exceptional basis. The Marshall Islands and Federated States of Micronesia were already on the Belgian "black list" and, thus, their current rating status has no effect regarding the Belgian requirement to report payments made into those countries.

Other jurisdictions—Panama, Guatemala, Trinidad and Tobago—with a non-compliant rating means that payments made as from 4 November 2016 fall in the scope of the Belgian reporting requirements.

 

Read a November 2016 report prepared by the KPMG member firm in Belgium

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