On 15 December 2015, the Belgian Federal Public Service of Finance (“FPS Finance”) issued a communication with respect to the bill voted on 10 December 2015 implementing (amongst other things) Directive 2014/107/EU (amending Directive 2011/16/EU as regards automatic exchange of information in the field of taxation) and the US-Belgium Intergovernmental Agreement of 23 April 2014 (on FATCA).
As a recall, the Act will enter into force 10 days after its publication in the Belgian official gazette with respect to the United States and EU Member States. The first FATCA reporting (relating to the period between 1 July and 31 December 2014) will be due within the short deadline of 10 days from the date of its publication.
Among others, the FPS Finance announced that this 10 days deadline will be applied with flexibility so that the financial institutions will actually have one month after the publication of the Act to communicate the required information to the FPS Finance.
After the publication of the Act, the MyMinfinPRO FATCA portal will be officially opened for reporting. Meanwhile financial institutions can carry out various tests in the secured simulation environment of the MyMinfinPRO FATCA portal.