Reform of the VAT chain
On the proposal of Minister of Finance Vincent Van Peteghem, the Council of Ministers has approved a preliminary draft law to modernize the processing of periodic VAT returns or ‘VAT chain’, and the collection of debts.
The preliminary draft introduces amendments to the Value Added Tax Code and, in particular, aims to modernize and simplify:
- the processing of periodic VAT returns, in particular when taxable persons fail to submit those returns
- the VAT debts and credits arising from those returns
In the context of this reform of the VAT chain, the preliminary draft law also amends various other legal provisions regarding the collection of tax and non-fiscal debts within the FPS Finance.
The preliminary draft will be submitted to the Council of State for advice.
Source News.belgium.be
