Full House For 2nd Carat Tax Session In Antwerp

Legal
02/09/2016 16:05

Over 350 Antwerp diamond traders attended the second Carat Tax Information Session, organized by the AWDC to explain the details of the so-called "Carat Tax". One month ago, following the formal decision of the European Commission, the Belgian Federal Government received official authorization for the introduction of the ‘Carat Tax’. This new regime has been enshrined in law by the Belgian federal government, and is applicable to all registered diamond traders as from tax year 2017. The corporate tax is levied on a lump sum amount, defined as a percentage of the turnover of the company. The Carat Tax increases predictability and stability, as diamond trading companies will be able to forecast their total corporate tax due based on their diamond sales. As a secondary effect, the Carat Tax will strengthen the capital base of diamond trading companies, improving their access to finance.