Belgian legal entities including non-profit organizations, foundations and trusts ought to submit accurate and up-to-date information about their ultimate beneficial owners in the UBO (Ultimate Beneficial Owner)-Register for the first time before 30 September 2019. In a recent press release the FPS Finance announced a grace period until 31 December 2019. Various technical teething problems with the new platform in combination with rather unnecessary administrative formalities urged the Administration to confirm that no fines will be imposed during this grace period of three months in case of erroneous or incomplete registrations.
As of January 1st, 2020 this administrative tolerance is bound to end after which non-compliance can be fined with either administrative or penal sanctions.
If you would like to receive additional information on this matter, the tax and legal team of RSM Belgium remains at your disposal.
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