Administrative tolerance with respect to the UBO-register: no fines until 31 December


In previous news flashes we already informed you about the implementation of the UBO-register, the extension of the deadlines and the updates of the Frequently Asked Questions (FAQ).

In the UBO-register, all legal entities need to register their ultimate beneficial owners. The deadline for the registration is set at 30 September 2019. In the absence of a proper registration or incomplete/incorrect registration, fines can be imposed ranging between EUR 250 and 50.000. However, today – 23 September 2019 – the Belgian authorities confirmed that no fines will be imposed until the end of 2019 in the light of an administrative tolerance.

If you have any questions with regard to this matter, please reach out to your regular PwC advisor or contact Stefan De Plus.