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23Dec

Year-end headline

 

Now that 2003 is drawing to a close, this Headline goes into some of the personal income tax changes that will be effective from income year 2004 on. The Personal Tax Headline team also seizes this opportunity to wish you every happiness in 2004.

The new wage withholding tax rules (Royal Decree of 15 December 2003(*), published today in the Official Gazette) applicable as from 1 January 2004 will take into account the following changes (implemented by the personal tax reform Act of 10 August 2001 and other measures):

- The local tax rate for the non-resident taxpayers is to be increased (from 6,7% to 7%), as confirmed by Royal Decree of 4 December 2003.
- Legally cohabiting people will be treated, from a tax point of view, as married people.
- The same tax exempted income will be applicable for married people, unmarried people and legally cohabiting people.
- The income tax scale is to be adapted (40% tax rate will apply up to EUR 13.530 instead of EUR 12.120).

(*) http://news.hrservices.be?lk200312231

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Posted: December 23rd, 2003