Flemings that inherit undeclared funds will once again be given the opportunity to declare the to the Flemish tax authorities. The news first appeared in the daily ‘Het Nieuwsblad’ and has since been confirmed by VRT News sources. The Flemish authorities will levy 40% on undeclared funds that are declared in this way. 40% levy is much higher than the percentage of tax levied the last time an amnesty was given for the declaration of funds that hitherto had been undeclared.
New measure gives Flemings the chance to declare undeclared funds that they have inherited
Published:
As part of the reforms to inheritance law announced by the Flemish Government, people in Flanders will once again be able to legally launder undeclared funds. However, this time around the level of tax levied on those wishing to do so will be substantially higher than it was on previous occasions.
On the previous occasion that Flemish were able to declare their undeclared funds (between 2017 and 2020) a tax of 35% was levied on undeclared funds inherited from a parent of a marital partner.
From 1 January 2026 a tax of 40% will be levied. This will increase each year until it reaches 45% in 2029, the final year in which the measure will be in force.
"Good for those concerned and good for the treasury"
The Flemish Finance Minister Ben Weyts (nationalist) told VRT News that “We know there are still many cases pending, so we're once again offering the opportunity to put them in order. I think this is a good thing for those concerned and for the treasury”.
The Flemish Government’s measure follows on the heels of measures taken by the Federal Government that came into force in the summer.
Mr Weyts warns that anyone that doesn't take advantage of the opportunity to declare undeclared income that they have inherited will risk a hefty if they are caught by the tax authorities.