UBO Register - Don't forget to make your annual confirmation

 

Every year taxpayers (companies, non-profit associations, foundations, trusts and similar legal arrangements established in Belgium) must ensure that their UBO Register is still up to date and that the information is always current and accurate.


Therefore, at least once a year, you have to verify that the information registered in your UBO Register is still correct and confirm it manually by pressing the "Annual Confirmation" button.
In case there were new modifications since the last update, these must in principle be registered in the UBO Register within one month which follows the modification. A new period of one year starts to run for the next annual confirmation.


As the General Treasury Administration had initially granted a deadline until 31 August 2021 for the first annual confirmation of information, many taxpayers have kept this date as the reference date for the annual confirmation of the information recorded in their UBO Register (unless there were changes related to their UBO in the meantime).


Considering the upcoming summer holidays and the tax compliance period, don't forget to confirm or update your UBO Register. We see in practice that the Treasury Administration sends now reminder letters and fines with respect to the UBO register that are not compliant with the UBO requirements and deadlines. The fines can vary between €250 and €50,000.

 


If you would have any question regarding this topic, don’t hesitate to contact our RSM Belgium Tax team ([email protected]) or the UBO team directly via the email address [email protected].