2023-10-06 05:15:55
The Flemish tax administration will now request the status of all bank accounts if it suspects fraud in inheritance declarations, reports The Latest News.
When a person dies, their heirs must file an asset declaration with the Flemish tax administration. Which means they must report both the value of the deceased’s assets and debts. The tax administration can then calculate the inheritance tax. The rates depend on the relationship between the deceased and the heirs, in direct line.
The declaration of inheritance must be filed within four months if the death occurred in Belgium and five months if it occurred in a country of the European Economic Area. The declaration is then checked by the Flemish tax administration. If it considers it necessary, the administration can carry out a banking investigation by contacting one or more banks to obtain a statement of account transactions.
The Flemish tax administration now wants to expand its research capabilities. The Bank also wishes to further exploit the possibilities offered by mandatory declarations to the Central Contact Point (CCP) of the National Bank. According to a tax expert interviewed by our colleagues, access to this register presents numerous advantages for the tax administration. For example, it knows all the balances of all the banks at once and no longer has to request data bank by bank.
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