Tax Insights May 2021 - UBO - Deadline for uploading supporting documents and annual verification deferred

After the entry into force of the Royal Decree of 23 September 2020 amending the Royal Decree of 30 July 2018 on the operating modalities of the UBO register, it is now mandatory to upload every document in the UBO register that shows that the information in the register is adequate, accurate and up-to-date. The reporting agents also remain obliged to annually confirm the information included in the UBO register.

SUPPORTING DOCUMENTS

By uploading the supporting documents, the obliged companies, (international) non-profit organizations, foundations, trusts, fiduciaries and similar constructions demonstrate that the registered information is adequate, accurate and up-to-date. Although the Royal Decree still leads to a lack of clarity as to which documents qualify as supporting documents, these accounting documents had to be uploaded in the UBO register before 
30 April 2021.

ANNUAL VERIFICATION OBLIGATION

The reporting agent must not only complete the UBO register, but must also explicitly confirm the information regarding the ultimate beneficial owner (s) annually. For technical reasons, the Administration automatically confirmed the information on the beneficial owner for a first and exceptional time on 30 April 2020. However, now the annual confirmation has to be made by the reporting agent himself before 30 April 2021.

DEFERRAL OF DEADLINE

The deadline to upload the required supporting documents and to confirm the annual information was extended by the Minister of Finance until 31 August 2021. By then, all information in the UBO register must be sufficiently supported by the necessary supporting documents and the registration must be explicitly confirmed. Late loading of the supporting documents or confirmation of the registration, i.e. as of 1 September 2021, may result in administrative sanctions.

If you would like to receive additional information on this matter or require VAT assistance, the Tax team of RSM Belgium is at your disposal ([email protected]). 

RSM Intertax

DOWNLOAD OUR TAX INSIGHTS

tax_insights_small.jpg

How can we help you?

Contact us by phone +32 (0)2 379 34 70 or submit your questions, comments, or proposal requests.

Email us