Belgium is to introduce a second tax amnesty in 2006 for investors who have placed money offshore wi...
Belgium is to introduce a second tax amnesty in 2006 for investors who have placed money offshore without making a declaration to the authorities. This follows an amnesty in 2004 that did not raise as much revenue as the Belgian government expected.
The government originally hoped to raise around e850m from the amnesty, which ran for the full calendar year, but by the end of the year, it had collected an estimated e500m.
In the Belgian Budget on 11 October, the government revealed its plans to introduce another amnesty in 2006. This is expected to cover both corporate and individual income tax.
Individuals and companies will have the opportunity to declare unreported income and only pay the amount of tax that has been evaded rather than having to pay a penalty and interest as well.
The government plans to tax capital gains that are realised on the sale of the shares of certain Ucits funds. It said it will tax capital gains if at least 40% of assets of Ucits funds comprise fixed income. Only that part of the capital gain that comprises the interest received by the Ucits fund will be taxed rather than all of the assets in the funds.
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