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Belgians had €5.5 billion in Swiss bank accounts, leaked info reveals
More than 3,000 accounts with the Swiss branch of the British bank HSBC are held by Belgians in order to avoid paying taxes, according to the massive leak of data obtained by the International Consortium of Investigative Journalists (ICIJ). The leak is the largest of its kind to date. Although the data was obtained illegally by a computer hack, Belgian law could still allow it to be used as evidence for prosecutions.
ICIJ is an international group of journalists who come together to share the massive amounts of information obtained by leaks from whistle-blowers. Three Belgian journalists are members of the Consortium: Lars Bové of De Tijd, Kristof Clerix of MO* and Alain Lallemand of Le Soir. In all, 140 journalists worldwide pored over the documents, obtained by France’s Le Monde.
The leak included information on more than 100,000 bank accounts, among them accounts linked to the names of celebrities, like Christian Slater, Joan Collins and Michael Schumacher. Schumacher, along with others such as David Bowie, Phil Collins and Tina Turner, has a Swiss residency permit. The total value of all accounts is about €90 billion.
More than 3,000 accounts are linked to Belgium, in particular Antwerp and the diamond industry, responsible for a total of €5.5 billion in funds. The tax authorities obtained the data on 3,137 accounts held by 2,450 individuals in 2010. While it is not illegal to have a Swiss bank account, using it to avoid tax is against the law.
According to the economy ministry’s Special Investigations Branch, 494 cases have been opened, with HSBC clients accused of failing to declare a total of €632 million. The tax authority is claiming back taxes of €435.5 million, to which may be added penalties and fines.
Meanwhile, Brussels magistrate Michel Claise, who is in charge of the dossier in Belgium, has threatened to issue international arrest warrants for top executives of HBSC who do not co-operate with his enquiries.
Photo courtesy HSBC
Comments
And why is this a surprise? Belgium is known to be the highest taxed country in Europe, change the system.
Perhaps this country needs to have politicians, then there would be less taxes.
Indeed, where is the surprise? Taxation in Belgium became unfair and punitive and of course there will be a revolt. It's human nature.
""HSBC clients accused of failing to declare a total of €632 million. The tax authority is claiming back taxes of €435.5 million, to which may be added penalties and fines.""
Well, says it all really. We will just take all the money. HSBC are ignoring Belgium? Well, yes. It's an annoying little noise that should be ignored.