Belgians wary of foreign tax-dodge law

18 February 2004

BRUSSELS – Most Belgians believe a new law designed to crack down on people who avoid tax by stashing earnings abroad will herald a new levy on assets like houses or land, a new survey has revealed.

The online study by Nagelmackers bank showed many Belgians are sceptical about the new law, which offers immunity from prosecution to anyone who declares clandestine foreign bank accounts or investments before the end of the year.

Most believe the move will be followed up by new taxes on property or other assets.

The survey also showed that Belgians think the new tax-dodge law is unfair. Many believe it will end up penalising people with relatively modest overseas nest-eggs but will have no effect at all on the very rich or companies.

Subject: Belgian news