American Belgians risk losing their Belgian bank account in 2020
As recently communicated in the Belgian media, Belgians with the American nationality risk losing their Belgian bank accounts because of the strict application of the U.S. FATCA-legislation. FATCA In application of the FATCA (Foreign Account Tax Compliance Act), which is also applicable in relation to U.S. citizens residing in Belgium, financial institutions outside the U.S.
Belgium – New flexible deadline for the first FATCA reporting
On 18 January 2016, the Belgian Federal Public Service of Finance (FPS Finance) announced that, following consultation with the financial sector, it will apply an administrative tolerance as regards the introduction of the FATCA files relating to income year 2014. This information has to be communicated to the FPS Finance at the latest on 15
FATCA & CRS – Belgian bill – Flexible application of 10 days deadline
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 & CRS – Belgian bill adopted
On 10 December 2015, the Belgian Parliament voted – in plenary session – the bill “on the communication of information relating to financial accounts, by Belgian financial institutions and the Federal Public Authority of Finance, within the framework of an automatic exchange of information at international level for tax purposes”. The purpose of this new
Financial Sector Contribution: (proposed) rates increases
On 26 November, the Belgian Government introduced a bill of law comprising, already, some changes to the brand-new Financial Sector Contribution (FSC) introduced by the Act of 10 August 2015. As a reminder, the FSC is the result of the multiplication of three factors: “FSC = Qualifying Liabilities x FSC Rate x NID Rate”. It
FATCA – Belgian draft Guidance Notes published
The Federal Public Department of Finance has released the Belgian FATCA Guidance Notes in draft format. For more information about the draft, you can read the 138-page text here: http://finances.belgium.be/fr/binaries/2015-04-belgian-guidance-notes-draft_tcm307-266568.pdf Additional information about the implementation of FATCA in Belgium can be found on the Federal Public Department of Finance’s website: http://finances.belgium.be/fr/E-services/fatca/. Belgian contacts: Stéphane Martin
Customer and Investor Tax Transparency – Updates on Tax Transparency and Exchange of Information
Updates highlighted in this issue IRS Releases Revised Publication on FATCA Data Exchange Service with Testing Sessions now available FATCA IDES Sample Test Packet Form 1042-S instructions have been released Bulgaria approves IGA (signed 5 December 2014) Jersey draft guidance Jersey’s statement on tax transparency Poland will participate in the implementation of FATCA Luxembourg draft
IRS issues Final Regulations with respect to foreign financial assets (Form 8938)
The Final rules do not significantly alter previous guidance On December 12, 2014, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations implementing Section 6038D, which requires individuals to report interests in specified foreign financial assets (SFFAs) using Form 8938, Statement of Foreign Specified Assets when filing their
