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Entrepreneurial confidence plummeting in Belgium - Business

Entrepreneurial confidence plummeting in Belgium – Business

The confidence of accountants and tax advisers and their clients, which was on the rise a year ago after the worst of the Covid crisis, has plunged again this year because of the economic and energy crisis.

This climate of uncertainty is indeed hampering new investments in companies, notes the Institute of Tax Advisors and Chartered Accountants (ITAA) in its annual barometer published on Tuesday.

Thereby, 72% of members of this organization surveyed say they are worried compared to the current economic climate. A year ago, believing to have turned the Covid page, they were only 40% in this case. At the same time, the group of optimists also melted, falling from 29 to 5%.

On the customer side, confidence has dropped among 56% of them, compared to 21% a year ago. Nearly half of customers (46%) therefore plan to reduce their investments in 2023, against only 16% at the end of 2021. Only 5% want to invest more next year, i.e. almost three times less than a year ago.

However, the profession is always on the lookout for talent and 56% of members surveyed say they want to strengthen their workforce. A fairly stable result compared to last year. The shortage of labor remains the main obstacle, for 71% of professionals, according to whom the image of the profession and the lack of diplomas are the other main reasons invoked.

The ITAA also cites administrative overload, in particular the requirements of anti-money laundering legislation and the UBO register, as well as the increase in regulation as other factors weighing on the morale of the profession.

According to the Institute, accountants/tax advisers are increasingly assisting individual clients with their tax returns. Just like last year, 84% of the members surveyed had indeed been asked for this purpose, which is largely explained by the increased complexity of the declaration.

Finally, says the ITAA, the majority of the profession is convinced of this: the accountant/tax advisor must advise and assist his client or the company he works for in his digitization process.

The survey was conducted among 1,800 accountants and tax advisers during the first half of last October.

This climate of uncertainty is in fact hampering new investments within companies, notes the Institute of Tax Advisors and Chartered Accountants (ITAA) in its annual barometer published on Tuesday. Thus, 72% of the members of this organization questioned say they worried about the current economic climate. A year ago, believing to have turned the Covid page, they were only 40% in this case. At the same time, the group of optimists also melted, falling from 29 to 5%. On the customer side, confidence has dropped among 56% of them, compared to 21% a year ago. Nearly half of customers (46%) therefore plan to reduce their investments in 2023, compared to only 16% at the end of 2021. Only 5% want to invest more next year, i.e. almost three times less than a year ago. However, the profession is always on the lookout for talent and 56% of members surveyed say they want to strengthen their workforce. A fairly stable result compared to last year. The shortage of labor remains the main obstacle, for 71% of professionals, according to whom the image of the profession and the lack of diplomas are the other main reasons invoked. The ITAA also cites administrative overload, in particular the requirements of anti-money laundering legislation and the UBO register, as well as the increase in regulation as other factors weighing on the morale of the profession. According to the Institute, accountants/tax advisers are increasingly assisting individual clients with their tax returns. Just like last year, 84% of the members surveyed had indeed been asked for this purpose, which is largely explained by the increased complexity of the declaration. Finally, says the ITAA, the majority of the profession is convinced of this: the accountant/tax advisor must advise and assist his client or the company he works for in his digitization process. The survey was conducted among 1,800 accountants and tax advisers during the first half of last October.

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