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Late Tax Payments and Increasing Fines

Late Tax Payments and Increasing Fines

As of 2018, fines for late tax payments and insufficient prepayments have been tripled by the Belgium government. The penalty rate has risen by 6.75%. We are therefore notifying all our clients of the late payment fees and are advising them to make advance payments where possible.

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When to Make Advance Tax Prepayments

Advanced tax payments can be made at 4 different points throughout the year: April 10th, July 10th, October 10th and December 20th. Despite this, the most important date to remember is April 10th. This is due to the benefits of filing your tax early decreasing throughout the year. We strongly recommend paying the full amount of your tax on April 10th, rather than waiting for a later date. If this isn’t possible, make sure you add the above dates to your diary and make all payments before December 20th.

Credit Formulas

To help with the process, one thing we do is provide all new and existing clients with credit formulas. These also assist with advance tax payments. Our tax credit formula and advice provides various benefits, including:

  • Avoidance of the aforementioned tax increase and subsequent fines
  • You may be eligible for a tax bonus
  • Any interest pay is 100% tax deductible
  • Part of your future tax will be advanced

To find out more about the process involved in making tax payments, contact us at Abacus Consulting today.

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