Legal Business

Sponsored Q&A: Liedekerke

1. What are the key tax laws and regulations in Belgium that individuals and businesses should be familiar with?1. What are the key tax laws and regulations in Belgium that individuals and businesses should be familiar with?

The Belgian tax regime is essentially based on the Income Tax Code 1992 (ITC92) and the Royal Decree implementing the ITC92. Income taxes are in principle levied on (i) the total worldwide income of Belgian tax resident individuals and companies (ie, personal income tax and corporate income tax) unless domestic law or tax treaties provide for reductions or exemptions, and (ii) the Belgian sourced-income of non-resident individuals and companies (non-resident taxation). Taxation typically occurs on a net basis, ie, after the deduction of expenses.