Belgium: New reporting requirements of financial institutions (banks and insurance companies) by 31 January 2022

Extension of scope,tax control and collection measures

Extension of scope,tax control and collection measures

There is a new reporting requirement for Belgian financial institutions (such as banks and insurance companies).

The financial entities are to report to the “Central Point of Contact” of the National Bank of Belgium with respect to calendar years 2020 and 2021 the following information:

  • Amounts that are held by their clients in bank and payment accounts
  • The value of certain financial contracts such as securities accounts and certain insurance contracts

The new reporting requirement has a deadline of 31 January 2022.

As a result of this new periodic reporting requirement, the tax authorities will be able to see “at a glance” how much a natural or legal person holds with a Belgian financial institution. In turn, this reporting requirement may provide the tax authorities with additional (an in some instances, quite sensitive) information that may be used by the tax authorities in the future.

A Royal Decree (June 2021) sets forth the implementing rules with regard to these reporting requirements.

Read a December 2021 report prepared by the KPMG member firm in Belgium 

 

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