Black money worth 343 million euro declared during 2018

The Finance Ministry department that deals with requests from those wishing to declare money that they had first concealed from the Tax Office received 726 to declare undeclared income during 2018. The amount of cash declared in this way amounted to a total of 343 million euro.   

The figures come from the office of the Federal Finance Minister Alexander De Croo (Flemish liberal) and appear in an article in Saturday’s edition of the financial daily ‘De Tijd’. Although considerable, the total amount of so-called “black money” declared last year falls well short on the amount declared during 2017.  Then there were 842 declaration applications for funds totalling 590 million euro. Most of the applications concern undeclared funds on accounts in Switzerland or Luxembourg.  

Mr De Croo says that improvements to the way in which data is exchanged between countries is persuading Belgians that it is their interests to declare their “black money”.  

Of the 554 million euro declared in 2017, 202 million euro went to the Exchequer.  

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