OECD Endorses Belgium's Commitment To Tax Information Exchange

by Ulrika Lomas, Tax-News.com, Brussels

17 July 2009

Belgium has, in the last two days, concluded six treaties with administrative provisions for the exchange of information in tax matters; within revised double tax agreements with Luxembourg, Singapore, San Marine, and the Seychelles; a new tax convention with the Isle of Man and a tax information exchange agreement with Monaco.

The documents bring Belgium’s tally of agreements that adhere to the OECD standard of transparency and information exchange to 12; crossing the threshold as laid down by the G20 in its April 2, 2009, forum. As a consequence, the OECD’s Progress Report has been updated to recognize Belgium’s commitment as a country that has substantially implemented the internationally agreed standard.

After withdrawing its reservation to the OECD standard on exchange of information in March 2009, Belgium was quick to negotiate agreements. In line with the spirit and purpose of this collective effort, Belgium wrote to more than 100 countries to propose the conclusion of protocols to update Article 26 of its existing treaties or to enter into new tax information exchange agreements. More agreements are in the pipeline.

In a statement, OECD’s Secretary-General Angel Gurria welcomed Belgium’s commitment to the principle. “Belgium has swiftly translated a commitment into action,” he noted. Urging countries to reciprocate Belgium’s efforts to build a far-reaching TIEA network, he added: “I encourage all countries to respond to Belgium with the same speed and efficiency.”

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