More than 2,500 Belgian taxpayers reported offshore tax haven

So far, more than 2,500 Belgians have reported an offshore company in their tax return for fiscal year 2015, according to the FPS Finance. The so-called 'low-tax legal arrangement' is a popular way for companies to avoid Belgium's high tax rates.

Since 2013, however, Belgians are obliged to report offshore companies to the tax authorities. "For fiscal year 2014, there were 1,334 cases reported by 2,156 taxpayers," says Francis Adyns, spokesperson for the finance ministry. "For fiscal year 2015, so far we've processed 1,570 tax returns with low-tax legal arrangements for 2,517 people. And that's just a provisional figure; We won't know the final numbers until 30 June.”

An offshore company must be reported anew each year in Belgium, which puts it at risk of losing some of its numerous fiscal benefits, including confidentiality, tax savings and asset protection.