A Decree of the Flemish Government of 2 March 2012 laying down the conditions for the application and processing of a certificate that must be requested in view of a donation or in relation to the inheritance of a family business was published in the Belgian Official Gazette on 14 March 2012.
Indeed, anyone who wants to enjoy the exemption of the donation
tax or the reduced rate of inheritance tax in case of a gift or
inheritance of a family business, must file an application with the
Flemish Taxauthorities ( "Vlaamse Belastingdienst "
Vlabel).
Vlabel will issue a certificate to be attached to the donation deed
or estate tax return by respectively the beneficiary of the gift or
the heir.
This certificate is required to give evidence to the Tax
authorities that the conditions for exemption and/or the reduced
rate are met.
Source: Decree of the Flemish Government implementing articles
140quinquies and 140sexies of the Code Registration, Mortgage and
Registry taxes, and the Code on Inheritance Tax.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.