By Law of August 3, 2016, Belgium has introduced a new annual tax on credit institutions replacing the four existing bank levies. The law did however not provide any practical guidelines with respect to the filing of the tax return nor payment instructions. Today, the long-awaited Royal Decree containing these guidelines has been published in the Belgian Official Gazette.
The aforementioned law stipulated that a first tax return including the name of the bank, the taxable base, tax rate and the amount of tax due should in principle have been filed by November 15, 2016 at the latest. However, due to the delay in publication of the Royal Decree, the Minister of Finance has granted an extension until November 30, 2016.
The Royal Decree now provides instructions on the filing and payment of the new annual tax including a tax return template. In addition, a template for the reclaim of excess payments has been included.
We understand that the tax authorities will also publish a circular letter with more details shortly.
Draft program law implementing Budget 2017 approved
The federal government has approved a draft program law implementing the Budget 2017. The text has been sent to the Council of State for advice (subject to change).
The draft contains the following tax measures which are relevant for the financial sector:
In case you would like our assistance with the filing of the tax return of the new bank tax or have any further questions, please do not hesitate to get in touch with your KPMG contact.
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