Filip Smet interviewed by Trends magazine on UBO-register
Belgian tax administration will have access to the UBO-register based on proposed legislation
26 October 2017
Filip Smet, Senior Associate within Laga's Tax controversy practice, shared his expertise on the tax consequences of the pending implementation of the so called UBO-register (ultimate beneficial owner).
All Belgian companies, associations and foundations will have to declare their ultimate beneficial owner in a centralised register. The register is not yet operational but is expected to be activated in 2018.
As the tax administration will have access to this register, individual shareholders and their interests will become known to the tax administration. Filip argues that Belgian taxpayers should be aware that the tax administration will likely increase its audit focus on their assets. The access to the UBO-register, together with the foreign financial account information already in the tax administration's possession, is yet another step towards a full view on a Belgian individual’s personal assets.
Read the article published by Trends magazine (subscription required)