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Tag: tax reform

05Dec

Postponement of part of the tax reform

 

Facts

Belgian tax on taxable pay is mainly remitted to the tax authorities by the employer as wage withholding tax. The taxation itself occurs the year after the income year (e.g. tax year 2003 relates to the income from 2002) by way of a tax return to be completed by each taxpayer. The “tax bill” or “assessment notice” is finally sent to the taxpayer by the tax authorities at the latest on June 30 of the year following the tax year (so June 30, 2004 for income of 2002) with a tax due or a tax refund depending on the previously withheld tax.

News

Didier Reynders, the Minister of Finance confirmed on November 29, 2001 the postponement of part of the personal tax reform. In his answer to a parliamentary question of Yves Leterme (parliamentary question n°9355) he admitted that the wage withholding tax scales would only be adjusted as from April 1, 2002.
As a result, the fiscal benefit of the tax reform for the first three months of 2002 will only be realised by the taxpayer late 2003 or early 2004 by way of a tax refund.

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Posted: December 5th, 2001Tags: , ,

30Nov

Tax reform and life insurance premiums

 

Content

Under certain conditions Belgian taxpayers can claim a tax credit for individual life insurance premiums. The eligibility for a tax credit is notably but not exclusively subject to the conditions that :

  1. the life insurance contract is subscribed prior to the age of 60 for women and the age of 65 for men;
  2. benefits may be released not sooner than the age of 60 for women and the age of 65 for men.

Other conditions are: the insured is the taxpayer, the duration of the contract is minimum 10 years

News

For life insurance contracts subscribed from January 1, 2001 until December 31, 2001 the eligibility for a tax credit is notably but not exclusively subject to the conditions that :

  1. the life insurance contract is subscribed prior to the age of 65 for women and men;
  2. benefits may be released not sooner than the age of 60 for women and the age of 65 for men.

For life insurance contracts subscribed as from January 1, 2002 the eligibility for a tax credit will notably but not exclusively be subject to the conditions that :

  1. the life insurance contract is subscribed prior to the age of 65 for women and men;
  2. benefits may be released not sooner than the age of 65 for women and men.

The old regime remains applicable for life insurance contracts subscribed prior to January 1, 2001.

Application

For women: life insurances providing the release of benefits in case of life as from the age of 60 may still qualify (provided all other conditions are met) for a tax credit if the contract is subscribed prior to January 1, 2002. No tax credit will be available anymore for contracts providing the release of benefits prior to the age of 65, if the contract is subscribed after January 1, 2002.

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Posted: November 30th, 2001Tags: , ,