A news release from Global Tax News noted that the Belgian finance ministry recently announced details of a new regime for the deferral of payment of import value-added tax (VAT).
According to the finance ministry, beginning January 1, 2013, individuals that are authorized to apply deferred payment are no longer required to make advanced VAT payments when importing goods. The new regime provides the opportunity to declare and to settle any VAT owed via a periodic VAT declaration, instead of settling the amount with Customs at the time of importation and without a deposit.
In order to reap the benefits of the new deferred payment regime, individuals must apply for a license. This applies to individuals who already have an import business and those considering beginning such an activity – provided that they have met any VAT obligations.
Other obligations may apply. For further information and to access the full news release, click here.