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1. #IRSS DISCLOSURE OF OVERSEAS BANK ACCOUNTS REGISTRATION#
2. #IRSS DISCLOSURE OF OVERSEAS BANK ACCOUNTS PROFESSIONAL#

Per account, the following information must be reported:

#IRSS DISCLOSURE OF OVERSEAS BANK ACCOUNTS REGISTRATION#

The tax payer is identified by means of his name, first name and Belgian registration number (“Rijksregisternummer”) or by his social security identification number (“Register bis”). Identification and information to be provided There is also reporting for associations without legal personality, of which the tax payer is a member/partner (in such case funds are also co-owned by the members/partners).įoreign accounts of dependent children, that are included in the Belgian tax return by their parents must also be reported by the parents. In case there are several account holders, each one of them has a reporting obligation.

The exception does not apply in case funds are kept longer on the account than strictly required for payment purposes.

#IRSS DISCLOSURE OF OVERSEAS BANK ACCOUNTS PROFESSIONAL#

This is, for example, the case for a Paypal that is only used for the payment (refund) of an internet transaction outside the scope of a professional activity of the tax payer. Only foreign accounts, that are only used to immediately remit payments from or to a Belgian account of the tax payer are not to be reported. Also investment accounts (for example in bonds, shares, commodities or money market accounts) are covered by the reporting obligation.

This is a large definition and not only covers accounts that are used for receiving income or to initiate payments. No reporting is required for accounts that were already reported to the CCP in the past.Ī foreign account has been defined as any entry in the accounting records of a banking, exchange, credit or savings institution, based on an agreement with the tax payer, that makes it possible to monitor on an individual basis flows and balances of monetary or financial assets, kept by the institution on account of the tax payer. Reporting must be done by Belgian resident tax payers, who are filing annual resident tax returns and must at the latest be done when the tax return is filed. The reporting is required for non-Belgian bank account numbers, of accounts that were held during any time in the year by the tax payer, his partner and dependent children.

Recently, a Royal Decree was issued to organize the reporting of foreign bank account numbers to the CCP. The CCP, however, is not fed with data on foreign bank accounts. Belgian financial institutions systematically transfer information on the bank account number and contracts with their Belgian clients to the CCP. This includes income from investments, such as dividends and interest income, which is earned abroad.įor Belgian bank accounts, a central registration of tax payer data has in the past been set up with the National Bank of Belgium through a Central Contact Point (CCP). Belgian resident tax payers have an obligation to report their taxable income in their annual Belgian income tax return.