All articles by Gerd Goyvaerts

I did not declare my foreign bank account in Belgium. What now?

Obligations of Belgian tax residents to report foreign income and assets and the consequences of non compliance. Already since tax year 1997, Belgian tax resident individuals have to declare the existence of bank accounts they hold with banks abroad. This declaration is to be made in the annual income tax declaration. This means that taxpayers have to “tick the box” to confirm that they hold a bank account abroad and that they have to mention the country where the bank account is held. The tax administration can (subsequently) ask the...

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