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The Belgian parliament has started examining the draft Bill submitted by the government that will allow Belgian residents to regularize undeclared savings. In September, the government parties agreed on a Bill granting a general tax amnesty for tax dodgers who would repatriate funds invested abroad. The Belgian National Bank estimates that Belgians hold about €161 billion ($190 billion) in banks abroad, mostly in Luxembourg and Switzerland.

The tax amnesty is timed to coincide with the introduction of the EU Savings Directive. As of 2005 each EU member state will notify the tax authorities of the other member states how much income their residents have collected on their savings.(Read the article …)