March 4, 2024

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Belgians report record amount of black money

Belgians report record amount of black money

Since January 2, it is no longer possible to organize your black money. In the run-up to that deadline, many Belgians were quick to declare their black money. In total, more than 1,000 files were submitted last year, with a total value of around €900 million. This is a record amount.

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Why is this important?

At the end of 2023, the fourth settlement round, which has been running since 2016, will end. In this way, tax offenders can still declare their black money. From now on, they will have to contact the Prosecutor General's Office or the Special Tax Inspectorate.

In the news: The Belgians declared black money worth 894 million euros last year. That reports the time. This will break the record of €451 million in 2021.

  • In total, more than 1,000 filings were filed last year, 313 more than in 2022. The total amount rose to nearly 900 million euros, mainly due to several large filings in December.
    • Regulated income is subject to a tax consisting of the regular tax rate applicable at the time it is earned, plus a penalty of 25 percentage points. Prohibited capital is subject to tax at a rate of 40 percent.
  • Soon, many citizens took advantage of the tax settlement to declare their black money. This deadline passed on January 2.
    • Since the beginning of 2021, evaded Flemish taxes, such as inheritance tax or registration tax, are no longer eligible for settlement.
    • From this year onwards, federal taxes, such as those on transfer income or professional income, can no longer be regulated.
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I noticed: Good news for the 2024 budget.

  • Some large files still need to be processed, which means they are part of the 2024 budget. Vincent Van Petegem (CD&V), Minister of Finance, expects income from tax settlement to reach €260 million this year. This is double what is budgeted.