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The tax advantage of the savings account in the hot seat - Finance

The tax advantage of the savings account in the hot seat – Finance

The taxation of savings accounts is in the hot seat, L’Echo alerted on Friday, according to which the Minister of Finance, Vincent Van Peteghem (CD&V), recently asked the National Bank of Belgium (BNB) and the Authority of financial services and markets (FSMA) their opinion on a modification of the exemption from withholding tax on interest on savings accounts up to 980 euros.

These opinions are prescribed by law as soon as the government wants to modify the conditions of the preferred placement of Belgians, the daily recalls. The tax administration has already held discussions on the various possible options with the strategic unit of the minister’s office. “These options will be officially presented in the short term“, says the taxman. The BNB specifies that the proposed modification “would change the conditions of non-taxation of the first tranche of interest” of the booklets.

The Belgian authorities are under pressure from Europe. The Court of Justice of the European Union has already twice condemned the tax advantage of regulated savings deposits. It considers that its conditions are so specific to Belgium that the foreign banks cannot use it to compete with Belgian financial institutionswhich is contrary to the European principle of freedom to provide services.

The tax advantage of passbooks is a challenge for Belgian financial stability. The NBB will examine the possible impact of the planned measures on banks’ risk management.

These opinions are prescribed by law as soon as the government wants to modify the conditions of the preferred placement of Belgians, the daily recalls. The tax administration has already held discussions on the various possible options with the strategic unit of the minister’s office. “These options will be officially presented in the short term,” reports the tax authorities. The BNB specifies that the proposed modification “would change the conditions of non-taxation of the first tranche of interest” of the booklets. The Belgian authorities are under pressure from Europe. The Court of Justice of the European Union has already twice condemned the tax advantage of regulated savings deposits. It considers that its conditions are so specific to Belgium that foreign banks cannot use them to compete with Belgian financial institutions, which is contrary to the European principle of freedom to provide services. a challenge for Belgian financial stability. The NBB will examine the possible impact of the planned measures on banks’ risk management.

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