Taxes Lowered by Belgium. The Minister of Finance Koen Geens emphasized the importance as well as the need of reducing/lowering the taxes in Belgium, regarding both Corporate tax and personal tax, based of course on a revised tax system.
Minister Geens stated that the reduction of both corporate and personal taxation can be achieved by cutting down on the Government expenses in combination with the increase of several other taxes, such as the environment taxation, the taxes imposed on consumption, taxation on income as a result of large wealth etc.
The Minister explained that the time needed for such an important amendment of the tax system is about five years. The Minister also pointed out the fact of the upcoming elections in Belgium in May; they must proceed immediately with the above plan in order to secure that the changes will be implemented gradually as they were visualized and in addition with transitional regulations. Minister Geens underlined that the revision of the tax system must be done gradually in order to maintain the stability and balance of the system.
The ideal tax system must firstly be fair, continues the Minister, and based on that the richest must be put in a position from which they will contribute more to the less fortunate. Regarding the structure of the revised tax system, the Minister supports that it should be rather simple, by not having too many exceptions, regulations, etc. He also supports that the tax system must be neutral so that no interest group will be in a position to exploit them for their own benefits. The Minister concluded with the conviction that in time of crises, exceptional regulations belonging to the past, must be reviewed and revised if necessary.
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