Luc De Broe interviewed on international approach to wealth taxation
The mobility of wealthy individuals needs an international approach to taxation
28 October 2016
Laga partner and international tax expert Luc De Broe was recently interviewed by the Trends and Trends-Tendance magazines regarding the international angle needed for wealth taxation.
Referring to the influx into Belgium of wealthy businessmen from France and the Netherlands, after the two countries introduced a capital gains tax, Luc De Broe highlights the mobility of wealthy individuals as a key reason for approaching wealth tax within an international context.
For Luc, combining an "Exit tax" with a capital gains tax best demonstrates this approach, as this was France and the Netherlands' solution following their businessmen's move to Belgium. This convinced other countries to attach the Exit tax to capital gains taxation from the start.
In general, tax loopholes are increasingly being closed off at international level, with the OECD actively bringing tax measures to ensure that multinationals and wealthy individuals pay their fair share of taxes. Luc believes that the exchange of rulings, for example, will have a significant impact on wealthy Belgians with holdings abroad.