Belgium Budget 2016

In the framework of the Budget 2016 agreement, the Government plans to introduce a new permanent fiscal regularisation regime, applicable as of 1 January 2017. Under such regime, a taxpayer can regularise his tax position with respect to income or capital which was not reported to the tax authorities in due time. The previous regularisation regime expired on 31 December 2013.

The new regime would also apply to income and capital for which the assessment term has expired. Regularisation means that the income or capital is subject to the normally applicable tax regime/rate, increased by a penalty rate. The penalty rates would be higher than those applicable under the previous regime and those applied by the tax authorities.

The Minister of Finance and the Minister of Justice would elaborate a dedicated civil and penal legal framework.

This measure is expected to generate 250 Million Euro as of 2017.