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Belgium

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About

Belgium

Capital
Official languages
Population 
Currency

ISO 4217

Brussels

Dutch, French, German

11,491,346 (as of July 2020)

Euro

EUR

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Economy

Belgium has a strong and stable economy, with a GDP of $521.7 billion in 2019. This makes it the 22nd largest economy in the world. The country has a high standard of living, with a GDP per capita of $48,845 in 2019. Belgium has a highly developed social market economy, with a large public sector and a strong emphasis on private enterprise. The country has a strong industrial base, with manufacturing accounting for around 20% of GDP. The services sector is the largest contributor to the economy, accounting for around 70% of GDP. Belgium has a highly developed financial sector, with a large number of banks and insurance companies. The country is a major exporter of goods and services, with exports accounting for around 80% of GDP. Belgium has a strong trade relationship with its European neighbors, with the EU accounting for around 70% of its total trade.

Taxation

Belgium has a comprehensive tax system that includes both national and local taxes. The tax system is administered by the Federal Public Service Finance, which is responsible for the collection of taxes and the enforcement of tax laws.


Corporate taxation:


- Corporate tax rate: 25% on profits

- Reduced rate for small companies: 20% on profits up to €100,000

- Withholding tax: 30% on dividends, interests, and royalties paid to non-residents

- Tax year: Calendar year


Personal taxation:


- Progressive tax rates ranging from 25% to 50%

- Social security contributions of 13.07% on gross salary, with a cap of €57,280

- Wealth tax on net worth over €1,320,000

- Tax year: Calendar year


Process and calendar for payments:


- Corporate tax returns are due within 6 months of the end of the tax year.

- Advance tax payments must be made quarterly for companies with taxable profits exceeding €1 million.

- Personal income tax returns are due by June 30th of the year following the tax year.

- Final tax payments are due by October 31st of the year following the tax year for individuals who file electronically.

- For companies, final tax payments are due within 9 months of the end of the tax year.


Late filing or non-payment of taxes can result in penalties and interest charges.

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