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Belgian companies kept €221 billion in tax havens in 2016
Belgian companies, including branches of multinationals, last year stored about €221 billion in profits in various offshore tax havens, reports Le Soir based on figures from the FPS Finance.
Companies with a bank account in a country included in the official list of tax havens are obliged to disclose that information in their tax return. As a result, FPS Finance last year received reports from 853 companies, all together claiming a total of approximately €221 billion in stored profits. Companies are required to report amounts over €100,000.
The five most popular offshore tax havens for Belgian companies are the Cayman Islands, the United Arab Emirates, Bahrain, Bermuda, Jersey and Guernsey.