Belgian resident tax payers have an obligation to report their taxable income in their annual Belgian income tax return. This includes income from investments, such as dividends and interest income, which is earned abroad.
For Belgian bank accounts, a central registration of tax payer data has in the past been set up with the National Bank of Belgium through a Central Contact Point (CCP). Belgian financial institutions systematically transfer information on the bank account number and contracts with their Belgian clients to the CCP.
The CCP, however, is not fed with data on foreign bank accounts. Recently, a Royal Decree was issued to organize the reporting of foreign bank account numbers to the CCP. The reporting is required for non-Belgian bank account numbers, of accounts that were held during any time in the year by the tax payer, his partner and dependent children. Continue reading