200.000 people received letters regarding foreign bank accounts from tax administration

Approximately 200.000 people have received a letter from the tax authorities stipulating that they did not declare their foreign bank accounts or life insurances in their income tax declaration for income year 2017. Also some Belgian tax residents who are active in the diamond industry have received this letter. The content of the letter stipulates that the recipient has to declare the required information as well as income received (e.g. interests or dividends,…) in their income tax statement of 2018. With regards to 2017, an administrative tolerance will be granted and for this offence no fines will be imposed.

The fact of having a foreign bank account or life insurance is perfectly legal but should be declared in your personal income tax declaration as well as with the National Bank of Belgium. With the implementation of CRS, Belgian tax authorities have received detailed information from participating countries on bank accounts and life insurances owned by Belgian tax residents.

The information which the tax authorities received can also be consulted in everyone’s personal online tax box on www.myminfin.be where you have to log in with your id-card and pin code. In case you received such a letter and have any questions we advise you to consult your accountant or tax consultant.