In his Budget 2002 speech, Prime Minister Guy Verhofstadt told the Belgian parliament that the country has one of the highest corporate tax rates in Europe and has vowed to lower the big business rate from 40.17 per cent to 34 per cent and from 28.84 per cent to 25 per cent for small businesses. He added that compensation for any revenue loss will be made up by closing some glaring tax loopholes.
The Prime Minister also unveiled plans to implement a new system based on the Dutch method in which companies can draw up agreements in advance with the relevant tax authorities.
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