Belgium Announces New Reporting Obligation; Payments Made in Tax Havens must be Reported
Belgium has announced a clarification to Circular 13/2010 (Ci. RH.421/607/890) of November30, 2010.
- (1888PressRelease) December 06, 2012 - Sunnyvale, CA - Payments of EUR 100,000 or more, made to recipients in Tax havens, need to be reported mandatorily.
This new obligation will not be applicable to financial institutions, credit institutions, and payment institutions, and banks carrying out payment orders for their clientele. Besides, the obligation will not be applicable to the payments made by listed companies resident in Belgium, credit institutions, clearing institutions, financial institutions and liquidation settlement institutions which act as an intermediary, in the payment process.
On a tax return, only payments reported will be eligible for deduction. Payments reported, however, will be deductible if the taxpayer substantiates the authenticity of the reported transaction.
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