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Belgium Boosts International Tax Agreement Tally

Tuesday, July 9, 2013

The Belgian Council of Ministers has approved for ratification the protocol amending the bilateral double taxation agreement (DTA) between Belgium and Japan in the area of taxes on income. The Council of Ministers has also waved through for ratification multiple tax information exchange agreements (TIEAs).

Signed in Brussels on January 26, 2010, the protocol updates the initial DTA with Japan signed on March 28, 1968, ensuring that the accord conforms to the internationally accepted standard. The modification facilitates the exchange of banking information between the two countries, thereby strengthening bilateral cooperation.

The protocol is due to be submitted to the Federal parliament shortly, before being presented to the regional and community parliaments for approval. The text of the protocol has been published on the Tax Administration's website.

During the same meeting, The Council of Ministers also gave its seal of approval to TIEAs with Grenada, Montserrat, Anguilla, and Gibraltar. According to the Belgian Government, the TIEAs provide for the exchange of fiscal information upon request, including banking information. This is a key aspect of international cooperation in the area of taxation and an efficient manner in which to protect the national tax base and to combat harmful tax practices, the Government stresses.

The treaties are largely based on the Organization for Economic Cooperation and Development's (OECD) Model TIEA. The conclusion of the accords is to be seen within the context of Belgian Government efforts to conclude, with as many states and jurisdictions as possible, tax information exchange agreements covering banking information, complying with the OECD standard.

The agreements with Grenada, Montserrat, and Gibraltar cover four types of taxes on income in Belgium, including individual income tax, corporation tax, the tax on legal entities, and non-resident income tax. Furthermore, the texts cover value-added tax (VAT). They provide for the exchange (on request) of information likely to be pertinent for the application of domestic legislation relating to the taxes covered by the accord.

Furthermore, the treaties provides for the exchange of information held notably by banks and other financial establishments. In the case of the accord with Gibraltar, the TIEA also covers taxes collected on behalf of the federal entities and provides for the exchange of information held by trusts, foundations, partnerships, and other collective investment organizations.

The texts define the terms and conditions for a valid request, and set out the conditions and specific directives for the carrying out of cross-border tax audits on the territory of the treaty partner state.

Finally, the TIEAs contain strict confidentiality rules, and provide for a procedure to amicably resolve disputes or doubts surrounding the interpretation or application of the agreement.

The TIEA between Belgium and Anguilla covers individual income tax, corporate tax, the tax on legal entities and on non-residents, VAT, inheritance and death transfer taxes, as well as registration duties on inter vivo gifts.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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