US-Belgium FATCA agreement entered into force

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Foreign Account Tax Compliance Act (FATCA) Agreement between United States and Belgium entered into force on 23 September 2016. The agreement was signed on 23 April 2014 for implementation of the Foreign Account Tax Compliance Act (FATCA).

The US-Belgium IGA recites that it was signed pursuant to the Council of Europe-OECD Mutual Assistance Treaty (1988), which authorizes the exchange of information for tax purposes, including on an automatic basis.

The US-Belgium IGA is based on the reciprocal Model 1A agreement. Accordingly, foreign financial institutions (FFIs) in Belgium will be required to report tax information about US account holders to the government of Belgium, which will in turn relay that information to the US Internal Revenue Service (IRS). The United States will also provide similar tax information to Belgium regarding residents of Belgium with accounts in the United States.

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