On 18 July 2022, Mr. Vincent Van Peteghem, the Finance Minister of Belgium declared plans for broad tax reforms. Some of the key reform measures include:
- Increasing the tax-exempt amount for individual income tax from EUR 9,270 to EUR 13,390, along with a reduction in tax slab rates ranging 25% to 50%.
- Abolishing the special social security contribution;
- Reducing the corporate income tax (CIT) rate for SMEs from 20% to 15%,
- increasing in the amount of profit on which the SME rate applies from EUR 100,000 to EUR 200,000;
- Introducing OECD framework pillar 2 for a global minimum tax on multinationals; and
- Reducing the withholding tax on interest, dividends, and other recurring income from movable property and capital from 30% to 25%.
