Belgium collects tax from leaked Swiss bank accounts

The total amount of tax collected from Belgian citizens with Swiss bank accounts could raise around 540 million euros (595 million U.S. dollars) in revenue, according to Finance Minister Johan Van Overtveldt, De Tijd reported on Tuesday.

Since 2010, the Belgian tax authorities have been in possession of leaked documents relating to the account details of hundreds of Belgian citizens who are clients of the Swiss bank HSBC.

Under Swiss banking laws, these were kept secret from the tax authorities in Belgium.

However, after some legal clarification, it was ruled Belgium's Special Tax Inspectorate (BBI) could use the leaked data to demand tax revenues from the account users.

Those with HSBC accounts include lawyers, diamond merchants, sportsmen and members of the aristocracy. The majority have reached an agreement with the tax authorities. Payment demands have been sent out.

Over 1,000 accounts have been investigated by the BBI, which are due to raise an estimated 540 million euros in tax revenues.

The BBI is also in possession of a second mass of files, which are also set to be investigated.

Van Overtveldt said he was happy with the outcome of the investigation. "The effort and the examination of the administration contribute to greater fiscal transparency and fairness," he said. Endit