Sunnyvale, CA -- (SBWire) -- 04/05/2012 --Belgium published a Decree on Advance Tax Payments by Self Employed persons and companies in March 2012 that defines when the advance tax payments are due and the tax surcharge rates incase insufficient payments are made.
As per the Decree
- Companies and self-employed person must make sufficient advance tax payments on April 12, July 12, October 11 and December 20 of a calendar year.
- If the advance tax payments are insufficient, the tax due will, be increased by 2.25% for tax year 2012 (assessment year 2013).
- Surcharge for companies is calculated on 103% and for self-employed on 106% of the amount of tax due, deducting * immovable withholding tax prepayments, withholding taxes, domestic tax credits and foreign tax credits.
- If the amount of the surcharge is below 1% of the tax on which it is calculated or it does not exceed EUR 40, no surcharge is due.
The Decree also states that credit will be provided for advance payments. Details below:
- First Advance Payment:Bonus is 3 % of amount paid
- Second Advance Payment:Bonus is 2.5 % of amount paid
- Third Advance Payment:Bonus is 2 % of amount paid
- Fourth Advance Payment:Bonus is 1.5 % of amount paid
Those credits are set off against the amount of tax surcharge due.
Please call/email for more details.
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Belgium Advance Tax Payments: Decree Published, Affects Companies and Self-Employed