There are some complex and important aspects of recent individual income tax … Corporate income tax Corporate income tax rate 16% Taxpayers - Romanian legal entities, except for taxpayers subject to the micro-enterprises tax or specific tax1, tax-transparent entities and certain institutions specifically defined in the Fiscal Code (Law no. For subsidiaries and branches, the corporate tax rate is 33,99% (including 3% surtax). Stay up-to-date on the latest news & developments ‘Mastering the IP Life Cycle from a Legal, Tax and Accounting Perspective’ PwC specialists from 48 countries joined forces on a comprehensive book that dives into the brave new world of intangibles. In recent years, they’ve been set based on four distinct bands: 25%, 40%, 45% and 50%. Insights Industries Services Careers Please note that your account has not been verified - unverified account will be deleted 48 hours after initial … The corporate income tax rates (in Dutch) are quoted on the Tax and Customs Administration website. Managing Partner
An outline of the Phase 1 tax measures in the Law of 25 December 2017 enacting the Corporate tax reform in Belgium. Our role is to guarantee the correct and fair calculation of the taxes and withholding taxes due. As from 2018, deductions (with the exception of the deduction for investment and innovation) could only be claimed on 70% of the profits exceeding the one million threshold. Belgium Corporate Tax Rate chart, historic, and current data. Belgium Finance Executive Survey. Copyright © 2011 - 2021 Company Formation Belgium. It will depend on the income you’ve collected, your situation and your country of residence. The dividends received deduction regime (notably the 95% deduction) would not be modified. How digitisation is reshaping the … The quoted income tax rate is, except where noted, the top rate of tax: most jurisdictions have lower rate of taxes for low levels of income. 2020; 2019; 2018 The top marginal income tax rate of 39.6 percent will hit taxpayers with taxable income of $418,400 and higher for single filers and $470,700 and higher for married couples filing jointly. Contents . All rights reserved. Plans are to implement the new regime still in 2018. A 25% rate of corporate tax will apply from 2021, and the crisis tax will be abolished completely. In 2019, tax revenue (including social contributions) in the EU stood at 41.1 % of GDP, and accounted for 89.2 % of total government revenue. 30% Belgian withholding tax as of 2017. close. These rates are still to be increased with a crisis surcharge, which will also be lowered to 1.5% in 2018 and completely abolished in 2020. The amount of taxes a person in Belgium has to pay … Email. In 2019, tax revenue (including social contributions) in the EU stood at 41.1 % of GDP, and accounted for 89.2 % of total government revenue. More details will follow below. In order to finance the reforms, the agreement contains some budgetary measures of which all details are expected to be made available as from September/October. Federal rates. Corporate income tax will be levied at a flat rate of 25% for income 2020. would be slightly extended with more options. Belgium enacted a major corporate income tax reform at the end of 2017. . Following the corporate income tax reform, as of 2018, the standard corporate tax rate is 29,58% (instead of the recently applicable rate of 33,99%). Corporate income tax is levied at a flat rate of 30% and a surcharge of 3% (33.99%) for income 2017. Corporate income tax rate reduction. For that reason, the allowances above are prorated according for every full month you were in Belgium; that is the month that you are here on the … The only proviso is that it is above 15%. You must therefore file a a non-resident tax return in Belgium. although maintained, will be modified to stimulate the increase of equity. Tax revenue stood at 48% GDP in 2012. More details will follow in a later stage. The withholding taxes: Withholding tax … 9% effective January 1, 2019; 10% effective January 1, 2018; 10.5% before 2018 For any questions you can contact your local PwC contact, Patrick Boone or Philippe Vanclooster. You'll find the 2017 tax rates, standard deductions, personal exemptions, and more here. remains unclear, the tax reform being silent on this topic. Pension saving accounts and life insurance are excluded. 227/2015 as further amended). would be introduced as from 2020. Notable Corporate Income Tax Changes in 2017: Several states passed corporate income tax rate reductions and other reforms, taking effect in 2016 or 2017. Notable corporate income tax changes for 2017 include: North Carolina cut its corporate income tax from 4 percent to 3 percent as the final component of the multiyear phase-in of its comprehensive 2013 tax reform package. SMEs would even see a decrease in the rate to 20% as from 2018 for the first tranche of 100.000 euros. TAX GUIDE 1 Corporate income tax Corporate income tax rate 16% Taxpayers - Romanian legal entities, except for taxpayers subject to the micro-enterprises tax or specific tax1, tax-transparent entities and certain institutions specifically defined in the Fiscal Code (Law no. The tax reform is built around three pillars: budget neutrality, simplification and fair taxation. Also the minimum investment threshold of 100.000 euros would be decreased to 25.000 euros. income (i.e. Whereas nonresident company have to pay a tax on “Belgian-source” income. The standard tax rate is reduced from 33.99% to 29.58%. To stimulate investment in shares, the government foresees a, up to a threshold of 627 euros, the so-called, On the other hand, the exempted threshold for. View more Belgium tax reform website . The income taxes (with respect to natural and legal persons, companies and non-residents). In some cases, communal taxes may also be levied on exempted foreign-source income. Don’t hesitate to visit regularly our tax reform website for more information when it is made public. Income-tax rates applicable in case of domestic companies for assessment year 2020-21 and 2021-22 are as follows: Domestic Company : Assessment Year 2020-21: Assessment Year 2021-22 ♦ Where its total turnover or gross receipt during the previous year 2017-18 does not exceed Rs. If you arrived in Belgium in 2019, or left Belgium in 2019, you do not have a full tax year and only the part of your income that you received while resident in Belgium is taxable. Only the consolidated tax base would then be subject to corporate income tax. This implies the application of a minimum participation threshold of at least 10% or an acquisition value of at least 2.5 million euros in the capital of the distributing company. Rate this article . The Belgian Government decided to introduce the possibility for landlords to apply VAT on immovable lettings. Income tax rates in Belgium. In addition, for the first time in Belgian inco… The Belgian Government has agreed to tax reform legislation that will substantially reduce the rate of corporate tax but widen the tax base. SME’s would even see a decrease in the rate to 20% as from 2018 for the first tranche of €100,000 (special conditions apply). On Jan. 1, 2018 the corporate tax rate was changed from a decades-long tiered structure which staggered corporate tax rates based on company income to a flat rate of 21% for all companies. As figure 1 shows, the ratio of 2019 tax revenue to GDP was highest in … As an individual, small and medium-sized enterprise or large firm, you are liable to pay tax in Belgium. Belgium decides to reduce corporate tax rate from 34% to 25%, Tax challenges arising from the digitalisation of the economy/Global anti-base erosion (GloBE), Tax controversy and dispute resolution (TCDR), The corporate tax rate of 33,99% will be lowered to. You must mention all income you’ve collected in Belgium in 2019. According to the Belgium - USA Double Tax Treaty, the withholding tax rate for dividends paid to a U.S. company by a Belgian company is reduced to 15% of the gross amount. For years, investors and landlords in Belgium have been struggling with the cost of non-recoverable or hidden VAT on their real estate as most forms of lettings are VAT exempt. The basic rate of company tax in Belgium as of 2019 is 29%, plus a 2% crisis tax. Data is also available for: indirect tax rates, individual income tax rates, employer social security rates and employee social security rates and you can try our interactive tax rates tool to compare tax rates by country, jurisdiction or region. All rights reserved. Corporate Income Tax Reform in 2017? Corporate structure and treaty qualification. The Budget for next year would also include a corporate income tax cut for small companies, which would have to pay a lower tax on their first 100,000 EUR. The assets in scope consist of quoted shares, obligations and investment funds. For non-residents, a flat surcharge of 7% is due. would be decreased from 1.880 to 940 euros. Only the consolidated tax base would then be subject to corporate income tax. In 2017, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). The Internal Revenue Service (IRS) has announced the updated numbers for 2017. As from 2018 this deduction would be calculated based on the incremental equity increase (of the past five years) and no longer on the total amount of qualifying equity of the company. Furthermore, as from 2020 the European. For residents of Belgium, communal taxes are levied at rates varying from 0% to 9% of the income tax due. Which taxes and withholding taxes are we in charge of? The reform will take place in two steps in 2018 and 2020 and contains several major changes. Share with your friends. In 1980, the top rates of most European countries were above 60%. Furthermore, as from 2020 the European Anti Tax Avoidance Directive would be implemented, introducing rules on CFCs, EBITDA interest limitation, exit taxation and hybrid mismatches. Tax revenue-to-GDP ratio: France, Denmark and Belgium show the highest ratios. Corporate Income Tax Reform in 2017? The wage withholding tax exemption for scientific research personnel would be extended, to include holders of a bachelor degree. 2 Introduction Although Washington’s ability to drive the $18 trillion US economy is easy to exaggerate, a major change in the US income tax system may be the most economically consequential step that Washington can take—for good or ill. For SMEs (small and medium-sized enterprises) a reduced tax rate of 20,40% is introduced on the … Pension saving accounts and life insurance are excluded. To compensate these new measures, a minimum taxation would be imposed on companies making more than one million euros profits. 1.0 Investment climate. For the 2020 tax year (for which tax returns must be submitted in 2021), the rates are as follows: Belgian income tax bands: Belgian tax rate: Up to €13,440: 25%: €13,441–€23,720: … To stimulate investment in shares, the government foresees a withholding tax exemption for dividends up to a threshold of 627 euros, the so-called Michel-De Croo measure. would be implemented, introducing rules on CFCs, EBITDA interest limitation, exit taxation and hybrid mismatches. Companies will also be encouraged to make more. Belgium’s Government agreed to include a corporate tax cut in its 2018 Budget. Blended Tax Calculation for 2018 Filing . Current Belgium Corporate Tax Rate is 57.10%. The deductions which can not be used can furthermore be carried forward. In addition, the standard withholding tax rate for dividend, interest and royalty income has been increased (from 27%) to 30%. On 26 July 2017, the Federal government reached an agreement on an important corporate tax reform, significantly reducing the corporate tax rate. In 2018, the number was 47,2%. If you’re employed in Belgium, your employer might deduct some money from your wages every month to cover the expected tax bill at the end of the year. To calculate your North Carolina tax liability, multiply your North Carolina taxable income by 5.499% (0.05499). The average rate being 7%. would be aligned with the dividends received deduction. Statutory corporate income tax rates 8 Corporate effective tax rates 16 Tax incentives for research and development 26 Intellectual property regimes 33 References 37 Corporate Tax Statistics This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and … In some cases, Belgian income will be exempted from tax in Belgium. Subscribe now. It is essential to get it right. - The nominal corporate income tax rate will gradually decrease; the rate for 2018 and 2019 will be 29.58%, and a rate of 25% will apply from 2020; - A rate of 20.4 % for SMEs will apply from 2018 on the first income band of EUR 100,000; this rate will be further decreased to 20% from 2020; This implies that Belgian companies of the same group could offset their tax losses against profits of another Belgian affiliated company. Belgium has a progressive tax system. Companies incorporated in Belgium have the obligation to withhold the investment income tax rate of 30% from these dividends. The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement.. After the general tax reduction, the net tax rate is 15%.. For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is:. Also the pension savings system would be slightly extended with more options. Companies will also be encouraged to make more tax prepayments. The top marginal income tax rate of 39.6 percent will hit taxpayers with taxable income of $418,400 and higher for single filers and … Suppliers of goods or services VAT registered in Belgium must charge the appropriate VAT rate, and collect the tax for onward payment to the Belgian tax authorities through a VAT filling: see Belgian VAT returns briefing. . Amendments. Alternatively you can incorporate your company without traveling to, Guide to Obtaining Citizenship in Belgium, Frequently Asked Questions about Company Formation in Belgiu, Obtain Business Permits and Licenses in Belgium, Open a Telecommunications Business in Belgium, Set Up a Cryptocurrency Company in Belgium, Open a Company in the FMCG Sector in Belgium, Open a Textile Manufacturing Business in Belgium, 5 Cryptocurrency Business Ideas in Belgium, Top Locations for Renting Office Space in Belgium, Open a Belgian Business for Selling Coffee, Tea and Spices, Relocate your UK Company to Belgium after Brexit, 10 Things You Didn’t Know about the Belgian Business Culture, Belgium Legislation on Foreign Investments, Most Attractive Investment Industries in Belgium. Innovation Box tariff raised to 9% Effective date: 1 January 2021; Lower tariff corporate income tax reduced Effective date: 1 January 2021; Corporate income tax: limitation … 2.0 Setting up a business . This means the total effective rate of tax for most companies is 29.58%. The tax burden on investment income from funds is also expected to increase. However, it is still free to set its own standard (upper) VAT rate. SMEs would even see a decrease in the rate to 20% as from 2018 for the first tranche of 100.000 euros. 1.1 Business environment 1.2 Currency 1.3 Banking and financing 1.4 Foreign investment 1.5 Tax incentives 1.6 Exchange controls . Comparative information on a range of tax rates and statistics in the OECD member countries, and corporate tax statistics and effective tax rates for inclusive framework countries, covering personal income tax rates and social security contributions applying to labour income; corporate tax rates and statistics, effective tax rates; tax rates on consumption; and environmental taxes. Comparative information on a range of tax rates and statistics in the OECD member countries, and corporate tax statistics and effective tax rates for inclusive framework countries, covering personal income tax rates and social security contributions applying to labour income; corporate tax rates and statistics, effective tax rates; tax rates on consumption; and environmental taxes. Today most European countries have rates below 50%. Tax rates on profits of independent nonfinancial companies whose income is less than 322 500 EUR are as follows (including 3% surtax) : for more information when it is made public. Let’s say you have annual revenues of $250,000 and expenses of $55,000.You want to figure out how much you owe in federal taxes. Call us now at +31206974000 to set up an appointment with our consultants in Brussels, Belgium. P.L. in Belgium 2017 . The standard corporate tax rate of 33,99% will be lowered to 29% in 2018 and will be reduced to 25% as from 2020. Our professionals assist with tax efficiently, meeting these business and regulatory needs for legal entity rationalization. However, under section 15, corporations with fiscal tax years beginning before January 1, 2018, and The corporate tax rate applies to your business’s taxable income, which is your revenue minus expenses. With the new optional regime, the cost of investing in real estate should decrease significantly as input VAT paid on construction and operating costs will become recoverable. As from 2018 this deduction would be calculated based on the incremental equity increase (of the past five years) and no longer on the total amount of qualifying equity of the company. Furthermore, SMEs will be able to benefit from a temporarily increase of the investment deduction from 8% to 20%. The government reached an agreement to tax portfolios of 500.000 euros or more at a rate of 0,15% on the full amount on the account. Clearly, the initiative of the Belgian Government is excellent news for both investors / landlords and end-users and helps raise our country’s and the markets’ competitiveness. Indirect taxes & other taxes or tax measures, Belgian tax reform reduces corporate rate to 25% and introduces fiscal consolidation, Ruling Office – rulings delayed due to annulation of French-speaking Board members, EMEA ITS Webcast – How mandatory disclosure for intermediaries (DAC6) impacts multinationals, European Commission proposes Anti-Tax Avoidance Package, Mandatory disclosure rules for intermediaries (DAC 6) – Belgian law adopted by the Chamber of Representatives. Tax on corporate profits is defined as taxes levied on the net profits (gross income minus allowable tax reliefs) of enterprises. to introduce excise tax by mid-2017. © 2016 - var dteNow = new Date(); var intYear = dteNow.getFullYear(); document.write(intYear); PwC. The gold medal was taken by France which, in 2018, collected taxes amounting to 48,4% of its GDP. Also the PRICAF for asset management will be made more attractive. However, few details are currently available in this respect. On 22 December 2017, the Belgian parliament approved the Corporate Income Tax Reform Act that includes among others a reduction of the corporate income tax rate, a minimum taxable basis, a reform of the holding regime and a tax consolidation regime. Belgium got a silver medal for high taxation in the EU. Chapter 3 - Table 3.2 Total tax revenue in US dollars at market exchange rate Chapter 3 - Tables 3.7 to 3.14 - Taxes as % of GDP and as % of Total tax revenue Chapter 3 - Table 3.15 - Tax revenues of subsectors of general government as % of total tax revenue That means that a progressively higher tax rate is applied based on how much you earn. This page provides - Denmark Corporate Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. The Belgian government sets income tax rates on an annual basis. That’s why you can decide to receive updates only for the issues that matter most to you. According to the proposed change, the tax will be reduced in two steps: first in 2018 and then in 2020. We recommend Clientpedia, a digital marketing company based in London which has experienced web designers and online marketing specialists. The government reached an agreement to tax portfolios of 500.000 euros or more at a rate of 0,15% on the full amount on the account. 3.0 Business taxation. 2.1 Principal forms of business entity 2.2 Regulation of business 2.3 Accounting, filing and auditing requirements . The assets in scope consist of quoted shares, obligations and investment funds. These rates are to be increased with the crisis tax, which will also be lowered for 2018 and abolished in 2020. As our client, you will beneficiate from the joint expertize of local lawyers and international consultants. As of 2017, the standard Belgian withholding tax rate has been increased from 27% to 30% which is rather high when being benchmarked against the average European withholding tax rate. Much debated was the new annual tax on securities accounts. Updated on Thursday 14th December 2017 . It is essential to get it right. On the other hand, the exempted threshold for savings deposits would be decreased from 1.880 to 940 euros. In addition, to promote growth companies an ecosystem will be introduced. Corporate Tax Rate in Denmark averaged 32.74 percent from 1981 until 2019, reaching an all time high of 50 percent in 1985 and a record low of 22 percent in 2016. 20% of the statutory corporate income tax rate of 33.99% (33% plus the 3% surtax)). KPMG’s corporate tax rates table provides a view of corporate tax rates around the world. Taxation in the Netherlands is based on a ‘box system‘ whereby each box contains certain income which is taxed against a certain tax rate, with tax brackets, credits, allowances, fixed rates etc. Chapter 3 - Table 3.2 Total tax revenue in US dollars at market exchange rate Chapter 3 - Tables 3.7 to 3.14 - Taxes as % of GDP and as % of Total tax revenue Chapter 3 - Table 3.15 - Tax revenues of subsectors of general government as % of total tax revenue Browse our in-depth guides covering corporate tax, indirect tax, personal taxes, transfer pricing and other tax matters in more than 150 countries. The corporate tax rate of 33,99% will be lowered to 29% in 2018and 25% as from 2020. Taxes on corporate income There are no taxes in Bahrain on income, sales, capital gains, or estates, with the exception, in limited circumstances, to businesses (local and foreign) that operate in the oil and gas sector or derive profits from the extraction or refinement of fossil fuels (defined as hydrocarbons) in Bahrain. As from 2018, deductions (with the exception of the deduction for investment and innovation) could only be claimed on 70% of the profits exceeding the one million threshold. This implies that Belgian companies of the same group could offset their tax losses against profits of another Belgian affiliated company. The corporate income tax in Belgium . Subject to certain conditions, some companies may elect to be taxed at reduced progressive tax rates. The separate 0,4% capital gains tax on shares would be abolished, while the conditions to benefit from the capital gains exemption would be aligned with the dividends received deduction. The Corporate Tax Rate in Denmark stands at 22 percent. Notable Corporate Income Tax Changes in 2017: Several states passed corporate income tax rate reductions and other reforms, taking effect in 2016 or 2017. Notable corporate income tax changes for 2017 include: North Carolina cut its corporate income tax from 4 percent to 3 percent as the final component of the multiyear phase-in of its comprehensive 2013 tax … This indicator relates to government as a whole (all government levels) and is measured in percentage both of GDP and of total taxation. tax rates tool test page. Company taxes in Belgium. Notional interest deduction, although maintained, will be modified to stimulate the increase of equity. Corporate Tax Rate in Belgium averaged 38.08 percent from 1981 until 2020, reaching an all time high of 48 percent in 1982 and a record low of 29 percent in 2018. The tax reform would also be financed by a limitation of other deductions, increase of fines and compliance. The deductions which can not be used can furthermore be carried forward. The rates for the lower tariff are lowered in stages in the years 2019 through 2021. The ratio of tax revenue to GDP in the euro area was higher than in the EU, at 41.6 %. See the below summary. In Belgium, taxes are collected on both state and local level.The most important taxes are collected on federal level, these taxes include an income tax, social security, corporate taxes and value added tax.At the local level, property taxes as well as communal taxes are collected. The separate 0,4% capital gains tax on shares would be abolished, while the conditions to benefit from the. It also covers taxes levied on the capital gains of enterprises. At this stage the faith of the Fairness Tax remains unclear, the tax reform being silent on this topic. In addition, for the first time in Belgian income tax history, tax consolidation would be introduced as from 2020. Year Rate Brackets or Exemptions Rate ; 1909-1913: $5,000 exemption: 1%: 1913-1915: No exemption after March 1, 1913: 1%: 1916: None: 2%: 1917: None: 6%: 1918: $2,000 exemption: … Please see www.pwc.com/structure for further details. The following are subject to corporate income tax: companies, associations, bodies and establishments that: are a legal entity have their registered office, their main establishment, their head office or administration office in Belgium engage in (a) profit-making operation(s) Companies that are subject to corporate income tax need to complete a tax return once a year. source: Service Public Fédéral Finances. The corporate tax in Belgium is payable by all companies that derive income from the country. Today most European countries have rates below 50%. Tax revenue-to-GDP ratio: France, Denmark and Belgium show the highest ratios. This implies the application of a minimum participation threshold of at least 10% or an acquisition value of at least 2.5 million euros in the capital of the distributing company. Companies will also be encouraged to make more tax prepayments. It was published in the Belgian Official Gazette on December 29, 2017. 227/2015 as further amended). Three changes are made to the conditions for being eligible for the reduced SME rate: The company must satisfy the company law SME definition; 115-97 replaced the graduated corporate tax structure with a flat 21% corporate tax rate and repealed the corporate alternative minimum tax (AMT), effective for tax years beginning after December 31, 2017. Remark: The following announced measures will have to be formalised in draft legislation which should only be available as from September/October. The same can be said for the rates of the tax on stock exchange transactions. The remaining 30% would be fully taxable at the above mentioned new rate. There is increasing attention on the appropriate use of legal entities, both from tax authorities and business (for purposes of operational savings). P.L. personnel would be extended, to include holders of a bachelor degree. What are the income tax rates in Belgium in 2017-2018? On Jan. 1, 2018 the corporate tax rate was changed from a decades-long tiered structure which staggered corporate tax rates based on company income to a flat rate of 21% for all companies. The Income Tax Reform Act was published in the Belgian Official Gazette on 29 December 2017. With this measure, any company would always pay 7,5% tax on the profits exceeding one million euros. KPMG’s corporate tax table provides a view of corporate tax rates around the world. Do I have to pay tax on it? 2 Introduction Although Washington’s ability to drive the $18 trillion US economy is easy to exaggerate, a major change in the US income tax system may be the most economically consequential step that Washington can take—for good or ill. Same group could offset their tax losses against profits of another Belgian company., Belgium deduction regime ( notably the 95 % deduction ) would not be used can furthermore be forward. Tax incentives 1.6 Exchange controls the 95 % deduction ) would not be used can be! On “ Belgian-source ” income and then in 2020 while the conditions to benefit from joint! % in 2018 and 25 %: NA ♦ Where its total turnover or gross receipt during the year..., personal exemptions, and the crisis tax, which is a separate legal entity rationalization and medium-sized or... Implement the new regime will come of 2019 is 29 %, plus a 2 % crisis tax be. 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And withholding taxes due: Budget neutrality, simplification and fair calculation of the same can be said the. And contains several major changes bracket of EUR 100,000 taxable income, which will also be financed a... Always pay 7,5 % tax on corporate profits is defined as taxes levied on exempted foreign-source income simplification... Rates, standard deductions, increase of the Phase 1 tax measures in the years 2019 through.. Tax table provides a view of corporate tax rate was 35 % be! Legal persons, companies and non-residents ) on scope and confirmation of exact timing of the Fairness tax remains,. On how much you earn new annual tax on corporate profits is defined as taxes levied on exempted income!