PRLog - April 24, 2014 - (Bristol, UK) - After May’s general elections, the Belgian government plans to increase the standard Value Added Tax (VAT) rate to 22% (from the current 21%). Belgium is in a position in which it feels it needs to carry out tax reform in order to create economic growth, regain its competitiveness and fund social security contribution deficiencies, reports Nair & Co.’s International Tax Consulting Team.
This increase is the first VAT increase in Belgian since the start of the economic crisis and is proposed because the recently created ‘Fairness Tax’ on holding companies did not bring in the revenue expected. The additional income from the increase in the VAT rate will be applied towards funding and the reducing the Belgian labour tax rate, which is among the highest in the European Union, and hurting job market. Further, with the projected VAT increase, the chances are that the corporate income tax rate which is currently 33.99% may decrease. The average company tax rate in the European Union (EU) is 22.75%.
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