New bank tax: fairer tax system

Proposed by Minister of Finance Johan Van Overtveldt (N-VA), the government has approved a new bank tax. It is part of the tax shift and will bring in 805 million euros a year. “That is 55 million euros more than previous income from the various contributions from the financial sector,” the minister comments. “Just like the diamond tax and the Cayman tax, this new bank tax also ensures that we can cause a reduction in labour costs for employers and employees.”

The new bank tax replaces four existing taxes and levies, representing a drastic simplification in comparison with the past, also for the sector. In addition, the specific nature and the financial capacity of smaller banks are being taken into account: they will contribute less in relative terms than large banks. In that way, diversity in the financial landscape is also respected.

“A fairer tax system is a significant theme running through my policies,” Minister Van Overtveldt emphasises. “During times of financial crisis, financial institutions could count on our support. Now we expect a contribution from them to achieve a reduction in labour costs, in order to stimulate competition and economic growth.”