Belgian Government Plans to Increase the VAT Rate
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After May’s general elections, the Belgian government plans to increase the standard Value Added Tax (VAT) rate to 22%.
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Belgian Government Plans to Increase the VAT Rate
- 1. Belgian Government Plans to Increase the VAT Rate (Bristol, UK) - After May’s general elections, the Belgian government plans to increase the standard Value Added Tax (VAT) rate to 22% (from the current 21%). Belgium is in a position in which it feels it needs to carry out tax reform in order to create economic growth, regain its competitiveness and fund social security contribution deficiencies, reports Nair & Co.’s International Tax Consulting Team. This increase is the first VAT increase in Belgian since the start of the economic crisis and is proposed because the recently created ‘Fairness Tax’ on holding companies did not bring in the revenue expected. The additional income from the increase in the VAT rate will be applied towards funding and the reducing the Belgian labour tax rate, which is among the highest in the European Union, and hurting job market. Further, with the projected VAT increase, the chances are that the corporate income tax rate which is currently 33.99% may decrease. The average company tax rate in the European Union (EU) is 22.75%. For more information about international tax laws or to learn more about our International Expansion Services team please contact us. Subscribe to regular global tax compliance alerts from Nair & Co. Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts. About Nair & Co. Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk,
- 2. stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867