More "black money" declared in Belgium

14th January 2010, Comments 0 comments

Last year more and more Belgians came forward to declare cash that had been kept from of Belgian tax authorities, so called "black money".

In comparison with last year three times the amount of money has been declared.

In all 800 files were opened last year. Some 224 million euros were declared in 2009.

It's especially in the last couple of months that Belgians started to declare cash that until now they had stowed away in foreign bank accounts.

The belief is that many fraudsters are worried because banking information will be exchanged more freely across the European Union.

Financial experts say that it's striking that more and more Belgians are reporting larger sums and undeclared earnings and not just interest generated by these amounts that had not yet be declared.

The increase in the amount of "black" money being declared is good news for the government. In addtion to the tax, people who come forward also have to pay a fine, adding to Belgium's coffers in austere times.

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