Tax havens: Belgium less transparent on exchange of information

Belgium’s rating has deteriorated with regard to the exchange of information needed in the fight against tax havens, according to the latest peer review report by the Global Forum on Transparency within the framework of the Organisation for Economic Cooperation and Development (OECD).

Belgium is now “largely compliant” with international standards on transparency and the exchange of information on request, according to the Global Forum’s Tax Transparency Report for 2017, whereas the previous review, in 2014, had assessed it as “compliant”. The 2017 report, published on the 4th of April 2018, attributes this regression mainly to an unfinished adaptation into law of international standards and calls for progress on the relevant legislation in Belgium to be monitored.

Generally, however, the review shows that Belgium is “largely open” to information exchange and provides prompt responses and qualitative information to its numerous partners.