BRUSSELS: The International Monetary Fund (IMF) said there is a net decrease in Belgium’s labor taxes, but more tax reforms can generate extra revenue.
In a statement following an IMF mission to the country, the body identified scope for reform in the taxation of income from capital, as well as in the areas of property taxes, VAT and environmental taxes.
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The organization advised that with increasing European banking integration, Belgium’s tax exemption on bank deposits should be re-considered. Otherwise, it suggested, the tax benefits will “leak out” from the country’s borders, as foreign banks tap into Belgian savings.
