Belgium: Brexit Tax Law Approved.
Belgium’s Council of Ministers has approved a draft law that would temporarily treat the United Kingdom as a member of the European Union for Belgian tax purposes should the UK leave the EU has failed to agree on any withdrawal arrangements.
“In order to ensure that taxpayers do not suffer the immediate consequences of the failure of negotiations on a Brexit agreement, a transitional period will be introduced allowing the United Kingdom to be considered as still part of the European Union for the purpose of application of tax provisions,” said a statement published by the Council of Minister.
Tax legislation falling under the scope of the Brexit transition law includes: the 1992 Income Tax Code; the Code of inheritance tax; the Registration, Mortgage and Registry Fees Code; and the Miscellaneous Fees and Taxes Code.
The transitional period would conclude on December 31, 2019, but could be extended for an indefinite period by royal decree following a review by the Council of Ministers.
However, the statement said that the transitional regime will apply only to the extent that reciprocity exists on the part of the United Kingdom.
On-Demand Webinar
If you want to learn more about how Brexit may impact your company, check out our free on-demand webinar with our dedicated VAT experts here
We know that Indirect taxes such as VAT and GST can have a huge effect on your business. As VAT rates change sporadically keeping yourself informed can be difficult. Compliance is always crucial. That’s why our Indirect Tax Experts share their hand-picked news stories every day that you need to know. From breaking news to VAT changes and new EU legislation. We know that relevant information means better decision making. We aim to be your number 1 source for VAT and GST news.
+353 56 778 34 00 | vat@taxbackinternational.com
