Belgium plans to introduce a new tax amnesty in 2006, according to a press statement from the government. The new tax amnesty is expected...

Belgium plans to introduce a new tax amnesty in 2006, according to a press statement from the government. The new tax amnesty is expected to charge no penalty if funds are declared during the first half of 2006. The tax amnesty would cover both individual income tax (including the withholding tax on income derived from securities) and corporate income tax. Last year’s tax amnesty, which allowed holders of foreign accounts to repatriate their undeclared assets, raised around $70 million. This represents just over 5 per cent of the amount originally targeted by the government.