Reports indicated last week that the investment tax amnesty scheme currently underway in Belgium has failed to entice large numbers of foreign account holders to repatriate their undeclared assets, and revenues are running way below government expectations.
According to the reports, the Belgian authorities have collected just EUR47 million under the amnesty scheme, which commenced in January and concludes at the end of the year, representing a paltry 5.5% of the targeted total.
As a result, Finance Minster Didier Reynders has reportedly has been forced to drastically cut the government’s ambitious EUR850 million revenue target for the amnesty to EUR250-300 million.
The banks however, are even more pessimistic, predicting a final tally of between EUR100-250 million.
Nevertheless, Reynders is said to remain optimistic, and has forecast that between EUR60-70 million will be collected by the next official deadlines, which fall on December 15 and February 15.
Under the scheme, individuals declaring hidden accounts are obliged to complete a form known as the declaration liberatoire unique (DLU), allowing immunity from prosecution and a reduced tax charge provided the funds are repatriated to Belgium.
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