Belgium to revamp and modernise its ‘VAT chain’

May 10, 2023 in European VAT

Belgium to revamp and modernise its ‘VAT chain’

In March 2023, the Belgian government enacted a new bill that will modernise the VAT chain from 1 January 2024. The changes include the creation of a new ‘compte-provisions TVA’ will allow taxpayers to self-manage and easily handle VAT credits and refunds from their Minfin account. Additionally, a new ‘replacement assessment’ will be automatically imposed when a VAT payers does not submit their VAT return within 3 months of the deadline. This replacement assessment will replace the missing VAT return but taxpayers will be able to appeal it and submit their due return instead within a strict due date.

Other changes involve the VAT return submission deadline for quarterly returns which is expected to be moved from the 20th to the 25th of the month, a simplified VAT refund procedure and the possibility to pay VAT debts by direct debit.

We will share more updates on the new bill in due course so if you are currently trading in Belgium, keep an eye on these changes.

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