TABLE OF CONTENTS 3

Table of contents
About the Global Forum.................................................................................................. 5 Executive Summary ......................................................................................................... 7 Introduction .................................................................................................................... 11 Information and methodology used for the supplementary peer review report of Belgium ...................................................................................... 11 Compliance with the Standards .................................................................................... 13 A. Availability of Information ................................................................................ 13

Overview ...................................................................................................................... 13 A.1. Ownership and identity information ..................................................................... 14 A.2. Accounting records ............................................................................................... 15 A.3. Banking information ............................................................................................. 15 B. Access to Information ......................................................................................... 17 Overview ...................................................................................................................... 17 B.1. Competent Authoritys ability to obtain and provide information .................... 18 B.2. Notification requirements and rights and safeguards ........................................ 22 C. Exchanging Information..................................................................................... 23

Overview ...................................................................................................................... 23 C.1. Information exchange mechanisms ................................................................... 24 C.2. Exchange-of-information mechanisms with all relevant partners ..................... 27 C.3. Confidentiality................................................................................................... 28 C.4. Rights and safeguards of taxpayers and third parties ........................................ 28 C.5. Timeliness of responses to requests for information ......................................... 29 Summary of Determinations and Factors Underlying Recommendations .............. 31 Annex 1: The Jurisdictions Response to the Peer Review ......................................... 35 Annex 2: Request for a Supplementary Report Received from Belgium .................. 36 Annex 3: List of All Information Exchange Mechanisms in Force ............................ 43
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4 TABLE OF CONTENTS
Annex 4: List of Agreements Signed by Belgium that Still Need to be Ratified to Allow for EOI to the Standard .............................................................. 48 Annex 5: List of all Laws, Regulations and other Documents Received ............... 49

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ABOUT THE GLOBAL FORUM 5

About the Global Forum

The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by over 100 jurisdictions, which participate in the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementation of the international standards of transparency and exchange of information for tax purposes. These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004. These standards have also been incorporated into the UN Model Tax Convention. The standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party. Fishing expeditions are not authorised but all foreseeably relevant information must be provided, including bank information and information held by fiduciaries, regardless of the existence of a domestic tax interest. All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, are being reviewed. This process is undertaken in two phases. Phase 1 reviews assess the quality of a jurisdictions legal and regulatory framework for the exchange of information, while Phase 2 reviews look at the practical implementation of that framework. Some Global Forum members are undergoing combined Phase 1 and Phase 2 reviews. The Global Forum has also put in place a process for supplementary reports to follow-up on recommendations, as well as for the ongoing monitoring of jurisdictions following the conclusion of a review. The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes. All review reports are published once adopted by the Global Forum. For more information on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes, and for copies of the published review reports, please refer to www.oecd.org/tax/transparency

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EXECUTIVE SUMMARY 7

Executive Summary
1. This is a supplementary report on the amendments made by Belgium to its legal and regulatory framework for transparency and exchange of information. It complements the Phase 1 Peer Review report on Belgium which was adopted and published by the Global Forum on transparency and exchange of information for tax purposes in April 2011 (the 2010 report). 2. This supplementary report considers the changes made by the Belgium since October 2010, the date at which the legal and regulatory framework was previously assessed, to address the recommendations made in the 2010 report. It considers Belgiums progress report sent to the Peer Review Group - see report in annex 2 - concerning the legislative amendments adopted by Belgium to address the determination and recommendations relating to element B1 (access to information) and C1 (exchange of information mechanisms) which were previously assessed to be not in place and C2 (network of exchange of information mechanisms) previously assessed to be in place but in needs of improvements. Belgium was of the view that the amendments made to its legal framework were such that these three elements should now be determined to be in place. Consequently, Belgium has asked for a supplementary peer review report pursuant to paragraph 58 of the Methodology for peer reviews and non members reviews. 3. Belgium has a network of exchange of information mechanisms covering 113 jurisdictions, 99 being covered by tax treaties and 14 by information exchange agreements. Belgium is also party to the EU Council Directive concerning mutual assistance by the competent authorities of the Member States in the field of direct taxation and taxation of insurance premiums, as well as to the joint OECD/Council of Europe Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Belgium signed the protocol amending this convention on 4 April 2011. 4. Since the publication of the phase 1 report in April 2011, the Belgian Parliament adopted on 14 April 2011 (Moniteur Belge, 6 May 2011, 1st edition, p. 26576) new law extending to third parties the obligation to provide bank information on request of the Belgian tax authorities. This possibility, allowed for domestic purposes in case of fraud indications, will apply from 1 July 2011 to all Belgiums treaty partners covered by an
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8 EXECUTIVE SUMMARY
agreement providing for exchange of information, under reciprocity. This will therefore ensure an access to information held by Belgian financial institutions from 1 July 2011 to 82 Belgiums treaty partners. 5. However, it is also found that 31 other Belgiums partners cannot yet benefit from the recent changes made to Belgian law because either the agreements concluded with these partners are not in force (22 jurisdictions), or they do not contain any exchange of information mechanisms, or the applicable exchange of information mechanism does not ensure reciprocity (9 jurisdictions). Therefore, it is recommended that Belgium continue its efforts to ensure the ratification of these agreements. 6. The Belgian administration has access to all types of information, including- since the law of 14 April 2011- banking information, and is in a position to use its domestic information-gathering powers for the exchange of information. The Belgian authorities have access to this information within the three-year time limit on tax assessment in Belgium. Access to information during a seven-year period must be justified to the Belgian taxpayer concerned by the request. In international exchange of information, Belgium interprets this legislation as allowing it to access information during the seven-year period if the requesting party provides reasons to justify access for a period greater than three years. Tax avoidance is sufficient to justify an access to information for a seven year period. As this is a matter of interpretation and administrative practice, it should be given additional scrutiny during the phase 2 peer review. 7. Given the registration requirements for companies as well as tax requirements, the availability of information regarding ownership of companies and partnerships is very generally ensured in Belgium. Generally, the identity of shareholders in public limited companies and partnerships limited by shares is known. The 14 December 2005 law eliminated bearer shares and established mechanisms which aim, on the one hand, to remove the possibility of issuing such shares and on the other, to transform these shares into registered or electronic shares whereby the identity of the holder is known. The conversion of bearer shares of listed companies was accomplished by 1 January 2008. For other companies, this conversion will be completed by 31 December 2013. The 2010 report recommended to the Belgian authorities to seek ways of reinforcing the mechanisms which encourage holders of bearer shares to opt as soon as possible for the system of registered or electronic securities. No steps have been undertaken in this area so far.

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EXECUTIVE SUMMARY 9

8. Belgian legislation ensures the availability of accounting information. In effect, the legal obligations apply to entities subject to corporate income tax or legal entities income tax1 as well as all other entities whose purpose is commercial. Information held by banks or financial institutions is available given the anti money-laundering legislation and the Belgian tax authorities can exchange it from 1 July 2011. 9. Given the amendments made by Belgium in April 2011 to its legal and regulatory framework for transparency and exchange of information, the Phase 2 review of Belgium will take place, in accordance with the schedule of reviews adopted by the Global Forum, during the second half of 2012.

A legal entity not subject to corporate income tax is subject to an income tax called legal entities income tax (in the case of foundations for instance).

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INTRODUCTION 11

Introduction
Information and methodology used for the supplementary peer review report of Belgium
10. The assessment of Belgium legal and regulatory framework made through this supplementary peer review report was prepared pursuant to paragraph 58 of the Global Forums Methodology, and considers recent changes to the legal and regulatory framework of Belgium based on the international standards for transparency and exchange of information as described in the Global Forums Terms of Reference. This supplementary report was based on information available to the assessment team including the laws, regulations, and exchange of information arrangements in force or effect as at July 2011, and information supplied by Belgium. It follows the phase 1 Report on Belgium which was adopted and published by the Global Forum in April 2011. 11. The Terms of Reference break down the standards of transparency and exchange of information into 10 essential elements and 31 enumerated aspects under three broad categories: (A) availability of information; (B) access to information; and (C) exchanging information. In respect of each essential element a determination is made that (i) the element is in place, (ii) the element is in place but certain aspects of the legal implementation of the element need improvement, or (iii) the element is not in place. These determinations are accompanied by recommendations for improvement where relevant. In particular, this report considers changes in Belgiums legal and regulatory framework which relate to three of the essential elements (elements B1, C1 and C2). 12. The supplementary review was conducted by an assessment team, which consisted of two expert assessors and one representative of the Global Forum Secretariat: Shauna Pittman, Adviser in the Canadian Revenue Agency; Rajesh Sharma Ramloll, Assistant Solicitor General, Office of the Attorney General of Mauritius and Rmi Verneau for the Global Forum Secretariat. 13. An updated summary of determinations and factors underlying recommendations in respect of the 10 essential elements of the Terms of Reference, which takes into account the conclusions of this supplementary report, can be found in the annexes to this report.
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COMPLIANCE WITH THE STANDARD: AVAILIBILITY OF INFORMATION 13

Compliance with the Standards

A.

Availability of Information

Overview
14. Effective exchange of information requires the availability of reliable information. This report considers the legal and regulatory framework now in place in Belgium as regards the availability of ownership information, accounting records and banking information. The 2010 report found that elements A2 and A3 were in place and no recommendations were made. A1 was found as to be in place but in need of improvements, the 2010 report noting that although the issuance of bearer shares was prohibited since 1 January 2008, the conversion of those shares will only be completed by 31 December 2013. So far, Belgium has not taken any steps to facilitate the conversion of those shares as this was recommended by the 2010 report.

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14 COMPLIANCE WITH THE STANDARD: AVAIL INFORMATION

A.1. Ownership and identity information

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. 15. The 2010 report noted that Belgium had a sound legal and regulatory framework ensuring the availability of ownership information thanks to registration requirements and other mechanisms such as the obligation to maintain share registers or the disclosure of major shareholdings. The report also noted that as of 1 January 2008 the issuance of bearer shares was abolished in Belgium but that the conversion process for bearer shares in unlisted companies will be completed by 31 December 2013 at the latest. Therefore the report recommended in the meantime, steps to be undertaken to facilitate the conversion of such shares. Those steps have not been taken so far. Thus, no changes are made to determination, factors and recommendations made under A1 in the 2010 report. Determination and factors underlying recommendations Phase 1 determination The element is in place, but certain aspects of the legal implementation of the element need improvement. Factors underlying the recommendations Under Belgian legislation, the conversion of bearer shares [into electronic or registered shares] will be completed by December 31, 2013. Recommendations The Belgian authorities should examine the conditions under which mechanisms to encourage conversion of bearer shares can be strengthened so that the information regarding their holders is available as quickly as possible.

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COMPLIANCE WITH THE STANDARD: AVAILIBILITY OF INFORMATION 15

A.2. Accounting records

Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. General requirements (ToR A.2.1), Underlying documentation (ToR A.2.2)and the 5year retention standard (ToR A.2.3)

16. The 2010 Report found that Belgium had a legal framework in place to ensure the availability of accounting records for all relevant entities. This element was assessed as to be in place and no recommendations were made. Determination and factors underlying recommendations Phase 1 determination The element is in place.

A.3. Banking information

Banking information should be available for all account-holders. Record-keeping requirements (ToR A.3.1) 17. The 2010 Report found that Belgium had a legal framework in place to ensure the availability of relevant banking information for all account holders. This element was assessed as to be in place and no recommendations were made.

Determination and factors underlying recommendations Phase 1 determination The element is in place.

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COMPLIANCE WITH THE STANDARD: ACCESS TO INFORMATION 17

B.

Access to Information

Overview
18. A variety of information may be needed in respect of the administration and enforcement of the relevant tax laws and jurisdictions should have the authority to access all such information. This includes information held by banks and other financial institutions as well as information concerning the ownership of companies or the identity of interest holders in other persons or entities, such as partnerships and trusts, as well as accounting information in respect of all such entities. The 2010 Report noted that in respect of element B2, the element was in place and no recommendations were made while for element B1, the element was not in place and one recommendation asking for an access for Belgiums authority to banking information was made. 19. Pursuant to CIR 92 (income tax code), the Belgian tax authorities have extensive powers of access to information for their own purposes. In particular, these powers enable them to request information from any taxpayer or third party likely to be in possession of the information sought to assess income or collect tax. The Belgian authorities use these same powers for the international exchange of information. 20. According to the law adopted on 14 April 2001, the Belgian fiscal authorities now have powers to access banking information. This possibility, allowed for domestic purposes in case of fraud indications, will apply from 1 July 2011 to all Belgiums treaty partners covered by an agreement providing for exchange of information, under reciprocity. The requirements to request, for domestic purposes, financial institutions to provide bank information (tax fraud indications, prior request sent to the taxpayer and notification of the taxpayer) are directly fulfilled in the case of international exchange of information. In that situation, the simple request received from the treaty partner is considered as being sufficient to allow Belgian revenue authorities to ask financial institutions to provide information. Considering this new law, the determination made under B1 in the 2010 report is revised to the element is in place and the recommendation removed.
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18 COMPLIANCE WITH THE STANDARD: ACCESS TO INFORMATION

B.1. Competent Authoritys ability to obtain and provide information

Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). 21. As regards access to information for the purpose of international exchange of information, the Belgian tax administration can invoke the very extensive information accessing powers granted to it by CIR 92. Pursuant to these powers, the Belgian authorities may compel taxpayers, third parties or other public authorities to provide them with all kinds of information. The phase 1 report adopted in April 2011noted, nevertheless, that Belgian tax authorities did not have any means to access banking information, unless an EOI mechanisms providing for such possibility were in force. Only one tax convention providing for this possibility (the one concluded with the United States) was in force at the time of the assessment, in October 2010. Therefore, element B1 was assessed as not to be in place. Powers to access banking information (ToR B.1.1)

Description of laws, regulations and other measures adopted to address the shortcomings
22. Article 322 of CIR 92 provides third parties obligations to provide information on request of the tax authorities. This article stipulates that the Belgian tax administration can collect written statements, hear third parties, conduct enquiries and request, within the time set, the production of all information considered necessary from third parties. 23. Belgium adopted on 14 April 20112 a law amending the rules on access to information held by third parties provided for by this article by adding three paragraphs:

paragraph 2 provides that, for domestic purposes, where the administration has in the course of an enquiry one or several tax fraud indications a banking, change, credit or savings establishment is considered as a third party subject, without restriction, to the provisions of paragraph 1. This means that this
This legislation was gazetted in the Moniteur belge on 6 May 2011.
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COMPLIANCE WITH THE STANDARD: ACCESS TO INFORMATION 19

financial institution must provide to the tax authorities all information requested. However, to this end, the administration must first use the procedure provided for in article 316, CIR 92 and directly ask the taxpayer to provide the requested information within 30 days;

paragraph 3 establishes a new national register kept by the National Bank of Belgium and to which any bank, change, credit and savings establishment must communicate the following data: clients identity, accounts numbers and contracts. Information maintained in this register can be obtained for domestic purposes by the Belgian tax authorities when a tax enquiry shows one or more tax fraud indications; and paragraph 4 provides that paragraphs 2 and 3 of the article also apply when a foreign state requires information: 1 either under the Mutual Assistance Directive 77/799/EEC; 2 or under an exchange of information mechanism contained in a convention to avoid double taxation which is applicable or another international agreement under which reciprocity is ensured (a multilateral convention or TIEA, for example). In this case, the incoming request from the foreign state either made under a DTC, a TIEA or a multilateral tool is still considered as tax fraud indication and the tax administration grants, notwithstanding paragraph 2, the access to the information on the basis of the requesting State incoming request.

24.

This new legislation will enter in force on 1 July 2011.

Analysis of amendments made

25. Belgian legislation now distinguishes two separate situations, bank as a taxpayer and bank as information holder:

bank as taxpayer: when the Belgian revenue authorities audit the fiscal position of a financial institution, article 318 of CIR 92 still states banking confidentiality as a principle. This principle remains applicable for the assessment of the income tax3. This means that during the tax audit of a bank, the Belgian administration is not allowed (with exceptions) to collect information for the tax assessment of the bank clients and
It is reminded that banking confidentiality provided for by the Belgian law was strictly limited to this matter and not applicable in the field of VAT, inheritance tax, stamp taxes, customs or excise duties

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20 COMPLIANCE WITH THE STANDARD: ACCESS TO INFORMATION

bank as third party: when the Belgian revenue authorities audit the tax position of a specific taxpayer, they can, according to the newly adopted legislation, require a bank to provide information in order to complete the audit of this taxpayer tax position. The legislation concerning the access to bank information has indeed been amended to extend obligations of banks, acting as third parties, under article 322 CIR 92.

26. The new rules of article 322 CIR 92 provide that for the domestic needs of the Belgian administration, access to such information is only possible when there are fraud indications, fraud being understood in broad terms and comparable to tax avoidance4. This possibility is open to all jurisdictions having concluded with Belgium a treaty including an exchange of information provision, under reciprocity, the incoming exchange of information request being considered as a sufficient condition to allow and access to bank information. Similarly, it is possible, for international exchange of information, to access the information contained in the national register kept by the National Bank of Belgium on the basis of the information contained in the request for information. 27. The Belgian authorities have confirmed that this possibility is open under all treaties including a exchange of information mechanism providing for the exchange of information necessary or foreseeably relevant for the application and enforcement of the domestic laws concerning taxes of all types and names, whether the information exchange provision contains provisions comparable to paragraph 5 of Article 26 of the OECD Model Convention or not. 28. In practice, and for domestic purposes, the procedure introduced in Belgian law provides for two distinct steps before accessing information held by financial institutions:

the person concerned by the request must first be asked by notice to provide the information requested on the basis of Article 316 CIR 92 in the month following the notice; and if the person concerned by the request has not provided the requested information, the Belgian tax authorities ask the financial institution to provide this information. In this situation, the taxpayer must first be informed of fraud

According to the parliamentary reports published in Belgium before the adoption of the law, and in particular the examples mentioned in these report, there are not ties between the reference to tax fraud indication and any criminal qualification of the facts.
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COMPLIANCE WITH THE STANDARD: ACCESS TO INFORMATION 21

indications leading the administration to require the provision of this information from the financial institutions (Article 333/1 of CIR92). 29. These two prerequisites are not applicable in the case of an information request received from one of Belgiums treaty partner. In that situation, the Belgian authorities have direct access to information held by financial institutions. 30. Belgian domestic law now provides for access to bank information for domestic purposes not only where a tax enquiry shows indications of fraud, but also where an incoming request is received under a tax treaty from a foreign administration, subject to the requirement that the foreign administration may itself be in a position to access bank information for exchange of information purposes and reciprocate Compulsory powers (ToR B.1.4) 31. Pursuant to article 322 of CIR 92, the administration may, hear third parties, undertake audits, and require natural persons or legal entities, as well as associations with no legal personality, to produce all information that the authorities deem necessary. This obligation also covers financial institutions 32. In case of non-response to an enquiry, administrative sanctions may be applied pursuant to section 445 of CIR 92. In accordance with this article, any breach of the CIR92 provisions or its implementing regulations, and therefore any refusal to respond to a request for information sent by the Belgian authorities, can be sanctioned with an administrative fine of EUR 50 to 1250. Secrecy provisions (ToR B.1.5)

Bank confidentiality
33. Belgium legislation now grants an access to banking information to all Belgiums treaty partners, under reciprocity. For exchange of information purposes, bank confidentiality that was the rules until now in Belgium is no longer applicable.

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22 COMPLIANCE WITH THE STANDARD: ACCESS TO INFORMATION

Determination and factors underlying recommendations Phase 1 determination The element is not in place. Factors underlying the recommendations The Belgian tax authorities do not have any access to banking information in the field of direct taxation. Recommendations Belgium should ensure that its authorities have access to banking information for the purposes of exchange of information in the field of direct taxation.

B.2.

Notification requirements and rights and safeguards

The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information.

Not unduly prevent or delay exchange of information (ToR B.2.1) 34. The 2010 Report found that the rights and safeguards available in Belgium are compatible with the effective exchange of information and element B2 was assessed as to be in place. Determination and factors underlying recommendations Phase 1 determination The element is in place.

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COMPLIANCE WITH THE STANDARD: EXCHANGING INFORMATION 23

C.

Exchanging Information

Overview
35. Jurisdictions generally cannot exchange information for tax purposes unless they have a legal basis or mechanisms for doing so. In Belgium, the legal authority to exchange information is derived from bilateral mechanisms (double tax conventions and TIEAs), multilateral tools, as well as domestic law. This section of the report examines whether Belgium has a network of information exchange arrangements that would allow it to achieve the effective exchange of information in practice. The 2010 report found element C1 as not be in place as, at the time of the assessment, Belgium only had on treaty in force allowing for the exchange of information in accordance with the standard. C2 was assessed as to be in place but in needs of improvements to reflect the number of agreements signed by Belgium (40) between in its commitment to the standard (March 2009) and the assessment (October 2010). The 2010 report also noted that each of the elements C3 and C4 were in place. Finally, as with other Phase 1 reports, in respect of C5 the report noted that it involved issues of practice that would be dealt with in the Belgiums Phase 2 review. 36. Belgium has a vast network of agreements including provisions on the exchange information for tax purposes - 113 agreements signed to date. The law adopted by Belgium on 14 April 2011 now allows for exchange of information in accordance with the international standard of transparency with 82 jurisdictions. In addition, the adoption on 15 February 2011 of the new EU administration co-operation Directive will allow for the exchange of banking information with two additional partners from 1 January 2013. Finally, Belgium signed on 4 April 2011 the protocol to the OECD/CoE Multilateral Convention on Mutual Administrative Assistance in Tax Matters. This will ensure exchanges to the standard with one more partner. Therefore, the determinations made under C1 and C2 are revised to the element is in place. 37. Belgium has also signed 25 agreements (see annex 4) either with new partners (22 agreements) or with partners for which only a mechanism
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24 COMPLIANCE WITH THE STANDARD: EXCHANGING INFORMATION

expressly providing for the exchange of banking information allow exchanges of information in accordance with the standard (3 partners). Belgium should ensure the swift ratification of these 25 agreements.

C.1.

Information exchange mechanisms

Information exchange mechanisms should provide for effective exchange of information. 38. Belgium has a vast network of exchange information agreements covering today 113 jurisdictions, including 91 mechanisms in force. At the time of the assessment, without provisions comparable to paragraph 5 of Article 26, Belgium was not able to exchange banking information. Despite the number of treaties signed in a short period of time - 40 in 18 months only one agreement, the agreement concluded with the United-States, was in force. This was due to new domestic ratification rules leading to delay this ratification. Considering the limited number of agreements to the standard in force, element C1 was assessed as not to be in place.

Obligation to exchange all types of information (ToR C.1.3) 39. Jurisdictions cannot undertake effective information exchange if they are unable to exchange information which is held by financial institutions, nominees or persons acting in an agency or a fiduciary capacity, or because the information relates to ownership interests in a person. 40. Article 26 (5) of the OECD Model Convention provides that a contracting state may not decline to supply information solely because it is held by a bank, other financial institution, nominee or person acting in an agency or a fiduciary capacity, or because it relates to ownership interests in a person. Given the new legislation recently passed, Belgium now provides access to bank information to all of its treaty partners in position to ensure the reciprocity that is to say 82 jurisdictions:

covered by an exchange of information mechanism providing for the exchange of information necessary or foreseeably relevant for the administration or enforcement of the domestic laws concerning taxes of every kind; able to exchange banking information whether the exchange of information mechanism contains provisions comparable to paragraph 5 of Article 26 of the OECD Model Tax Convention or not.
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COMPLIANCE WITH THE STANDARD: EXCHANGING INFORMATION 25

41. Thus, it results from this review that the elements B1, C1 and C2 of Belgium phase 1 report must now be assessed as being in place. 42. However, Belgium cannot exchange bank information with Austria, Luxembourg5 and Switzerland, as these jurisdictions are not able to ensure reciprocity without provisions similar to paragraph 5 of Article 26 of the OECD Model Tax Convention. It is noted that for Austria and Luxembourg, agreements amending the DTCs have already been signed but are not in force. In addition, for six jurisdictions, Azerbaijan, Kyrgyzstan, Kuwait, Moldavia, Tajikistan, and Turkmenistan the exchange of information mechanism in force do not provide for the exchange of information necessary or foreseeably relevant for the administration or enforcement of the domestic legislation. Belgium has signed a new DTC with Tajikistan and Moldova will be covered in the future by the OECD/CoE Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Finally, Belgium has also concluded 22 information exchange mechanisms (8 DTCs and 14 TIEAs) with jurisdictions that are not yet covered by an exchange of information mechanism6 in force. In force (ToR C.1.8) 43. The exchange of information cannot occur unless a jurisdiction has information exchange mechanisms in force. Where such mechanisms have been signed, the international standard requires a jurisdiction to complete the measures needed for them to take effect. 44. Belgium has information exchange agreements with 113 jurisdictions. 25 agreements concluded by Belgium and in conformity with the international standard of transparency have not been ratified so far. In fact, the Belgian Council of State has recently decided that tax treaties are mixed treaties, that is to say, treaties that come within the jurisdiction of the federal state and one or more federated entities (Regions and/or Communities). Treaties signed and/or initialled by the Belgian federal authorities must from now on be the subject of consultations with the federated entities before they can be signed and approved. In any case, a mixed treaty must receive assent not only from the federal Parliament but

For Austria and Luxembourg, this possibility will be offered from the entry into force of the new EU mutual assistance Directive on 1 January 2013, at the latest. Andorra, Anguilla, Antigua and Barbuda, The Bahamas, Bahrain, Belize, Congo, Dominique, Gibraltar, Grenada, Isle of Man, Liechtenstein, Monaco, Montserrat, Oman, Qatar, Saint Kitts and Nevis, Sainte-Lucie, Saint-Vincent and the Grenadines, Seychelles, Tajikistan, and Uganda.

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26 COMPLIANCE WITH THE STANDARD: EXCHANGING INFORMATION

also from the parliaments of the regions and/or communities concerned. The process of ratification of international treaties is thereby protracted. 45. For these 25 jurisdictions, the ratification by Belgium of these agreements is the only possibility either to allow for the exchange of information (for 22 of those jurisdictions) or to provide for an exchange of information according to the standard (for 3 of them). It is therefore still important for Belgium to ensure the swift ratification of these agreements. In effect (ToR C.1.9) 46. In order for information exchange to be effective, the contracting parties have to take the necessary measures to comply with their commitments. 47. The legislation adopted by Belgium on 14 April 2001 now allows for the exchange of banking information, under reciprocity, transcribing therefore, in Belgium domestic legislation, Belgium international commitment to the standard made in March 2009. Determination and factors underlying recommendations Phase 1 determination The element is not in place. Factors underlying the recommendations Only one of Belgiums treaties providing for the exchange of banking information for the purposes of assessing income taxes is in force. The other 40 agreements that provide for this exchange are not yet in force. 25 agreements concluded by Belgium and providing for the exchange of information in accordance with the standard still have to be ratified. Recommendations The Belgian authorities should include provisions enabling the exchange of banking information in their information exchange arrangements with relevant partners. These treaties should be ratified quickly in order for them to have effect. Belgium should ensure the swift ratification of all the treaties signed.

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COMPLIANCE WITH THE STANDARD: EXCHANGING INFORMATION 27

C.2. Exchange-of-information mechanisms with all relevant partners

The jurisdictions network of information exchange mechanisms should cover all relevant partners. 48. The standards require that jurisdictions exchange information with all relevant partners, meaning those partners who are interested in entering into an information exchange arrangement. Agreements cannot be concluded only with counterparties without economic significance. If it appears that a jurisdiction is refusing to enter into agreements or negotiations with partners, in particular ones that have a reasonable expectation of requiring information from that jurisdiction in order to properly administer and enforce its tax laws it may indicate a lack of commitment to implement the standards. 49. The assessment made through the phase 1 report showed that Belgium, while having only one EOI mechanism to the standard in force, had in 18 months signed protocols, conventions and exchange of information agreements with 40 jurisdictions and initialled EOI mechanisms with 24 others. Considering the deep involvement of Belgium in updating its network of EOI mechanisms, element C2 was assessed as to be in place but in need of improvements. 50. Belgium possesses a vast network of information exchange agreements with 113 jurisdictions. 82 conventions allow for the exchange of banking information. As previously said, 25 other agreements still have to be ratified by Belgium. 51. In addition, Belgium is party to the new EU administrative cooperation Directive adopted on 15 February 2011. From the entry into force of this Directive - as of 1 January 2013 - Belgium will have relationships in accordance with the standard with the two EU member countries Luxembourg and Austria - that are not for the moment covered by an EOI agreement to the standard. Finally, Belgium signed on 4 April 2011 the protocol to the OECD/CoE Multilateral Convention on Mutual Administrative Assistance in Tax Matters. When this protocol is ratified, this will allow exchanges in accordance to the standard with Moldova. From now, Belgium has EOI mechanisms to the standard with all its relevant partners.

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28 COMPLIANCE WITH THE STANDARD: EXCHANGING INFORMATION

Determination and factors underlying recommendations
Phase 1 determination The element is in place. Factors underlying the recommendations On the 41 treaties to the standard signed by Belgium, only one is currently in force. Recommendations Belgium should continue to develop its EOI network to the standard with all relevant partners and ratify the agreements already signed expeditiously. Belgium should continue to develop its EOI network to the standard with all relevant partners

C.3.

Confidentiality
The jurisdictions mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received.

Information received: disclosure, use and safeguards (ToR C.3.1) and all other information exchanged (ToR C.3.2) 52. This element was found as to be in place in the 2010 report and no recommendations were made. Determination and factors underlying recommendations
Phase 1 determination The element is in place.

C.4.

Rights and safeguards of taxpayers and third parties

The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties.

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COMPLIANCE WITH THE STANDARD: EXCHANGING INFORMATION 29

Exceptions to requirement to provide information (ToR C.4.1) 53. This element was found as to be in place in the 2010 report and no recommendations were made. Determination and factors underlying recommendations
Phase 1 determination The element is in place.

C.5.

Timeliness of responses to requests for information

The jurisdiction should provide information under its network of agreements in a timely manner.

Response within 90 days (ToR C.5.1) 54. There is no provision in Belgian legislation or in its information exchange arrangements concerning responses or time limits within which replies must be provided. There is no restriction as such concerning the ability of the Belgian competent authorities to respond to requests within 90 days of receiving them, either by supplying the information requested, or indicating what stage the processing of the request has reached. Organisational process and resources (ToR C.5.2) 55. The central departments of SPF Finances, and more specifically Directorate III 1A, act as the competent authority in processing requests for information received from other jurisdictions. The organisation of this Directorate and its links with local Belgian services responsible for gathering information will be examined more closely during the phase 2 review. Absence of restrictive conditions on exchange of information (ToR C.5.3) 56. There is no provision in Belgian legislation or in its information exchange agreements that sets out clear conditions governing the exchange of information, other than those included in article 26 of the OECD Model Convention or the OECD Model TIEA.

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30 COMPLIANCE WITH THE STANDARD: EXCHANGING INFORMATION

Determination and factors underlying recommendations Phase 1 determination The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review.

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SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS 31

Summary of Determinations and Factors Underlying Recommendations

Determination

Factors underlying the recommendations

Recommendations

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1) The element is in place, but certain aspects of the legal implementation of the element need improvement. Under Belgian legislation, the conversion of bearer shares into electronic or registered shares will be completed by December 31, 2013. The Belgian authorities should examine the conditions under which mechanisms to encourage conversion of bearer shares can be strengthened so that the information regarding their holders is available as quickly as possible.

Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2) The element is in place Banking information should be available for all account holders. (ToR A.3) The element is in place Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1) The element is in place.
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32 SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS

Determination Factors underlying the recommendations Recommendations

The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2) The element is in place. Information exchange mechanisms should provide for effective exchange of information. (ToR C.1) 25 agreements concluded by Belgium should ensure the Belgium and providing for the swift ratification of all the exchange of information in treaties signed. accordance with the standard still have to be ratified.

The element is in place.

The jurisdictions network of information exchange mechanisms should cover all relevant partners. (ToR C.2) The element is in place Belgium should continue to develop its EOI network to the standard with all relevant partners

The information exchange mechanisms of jurisdictions should have adequate provisions to ensure the confidentiality of information received. (ToR C.3) The element is in place. Information exchange mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4) The element is in place.

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SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS 33

The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5) The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review

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ANNEXES 35

Annex 1: The Jurisdictions Response to the Peer Review7

Belgium is grateful for the important work which has been carried out by the assessment team, which has drafted a supplementary report which takes into account the recent developments in the legal and regulatory framework in Belgium (especially articles 55 to 57 of the Law of 14 April 2011 on miscellaneous provisions). In addition, all treaty partners of Belgium have been informed of the entry into force of this new law and its implications on the exchange of banking information. Belgium is also very pleased that the Peer Review Group agreed to consider this supplementary report at very short notice taking into account special circumstances in accordance with the procedure described in paragraph 58 of the Revised Methodology and approved the report on 18 July 2011. Belgium also welcomes that the supplementary report determines that the changes to its legal framework were such that elements B1 (access to information) and C1 (mechanisms for information exchange) are now determined to be in place. Additionally, Belgium is satisfied with the final conclusion of the supplementary report that the Phase 2 review will take place during the second half of 2012, in accordance with the schedule of reviews adopted by the Global Forum. Finally, Belgium will seriously take into consideration the recommendations of the supplementary report in respect to the elements A1, C1 and C2.

This Annex presents the jurisdictions response to the review report and shall not be deemed to represent the Global Forums views.

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36 ANNEXES

Annex 2: Request for a Supplementary Report Received from Belgium

I- Letter to the Peer Review Group Chair

Mr. Chair, Im pleased to inform you that the Act of 14 April 2011 providing for miscellaneous provisions - gazetted in the Moniteur Belge on 6 May 2011 allows the Belgian tax administration to provide bank information to the tax administrations of the countries with which Belgium has concluded agreements providing for the exchange of information (see articles 55 to 57 of the law). This legislative amendment has, of course, a major impact on the conclusions and recommendations of the Belgium report approved in early March by the Peer Review Group, and in particular regarding the qualification of Belgium for a phase 2 review. According to this new legislation, Belgium will be in position, from 1 July 2011, to exchange bank information on request under almost all its tax treaties currently in force (meaning, a little bit more than 80 DTAs). From this date, Belgium will have more than a significant number of agreements meeting the international standard of transparency and exchange of information. This is the reason why Belgium asks, in accordance with paragraph 58 of the document Revised Methodology for Peer Reviews and Non Member Reviews (CTPA/GTPEI (2011)1/REV2), for a follow up report, taking into account Belgiums new situation, established by the PRG from July 2011. To this extent, you will find, enclosed, the text of the above mentioned Act of 14 April 2011 providing for miscellaneous provisions (annex 1) as well as an explanatory note (annex 2).
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ANNEXES 37

An administrative circular is being prepared to inform all officials of the tax administration and all other actors concerned by this new legislation. A copy of this circular will be provided as soon as finalised. In addition, the Belgian competent authority will inform in the coming weeks all Belgian treaty partners of the entry into force of this new law and its consequences regarding the exchange of bank information. Yours faithfully, Georges de Bolle

II- Law: Articles 55, 56 and 57 of the Act of 14 April 2011 providing for miscellaneous provisions
Art. 55 Article 322 of the Code, whose current text will form paragraph 1, is completed by the following Paragraphs: 2. When the administration has, in the course of an enquiry, one or many indications of tax avoidance or when the administration envisages to amend a tax assessment in accordance with article 341, a bank, change, credit or saving establishment is considered as a third party subject, without any restrictions, to the application of paragraph 1. When applicable, a civil servant being at least a Director, appointed to this extent by the Minister of Finances, can required a civil servant being at least an inspector to request from a bank, change, credit or saving establishment all information being useful to assess the amount of the taxpayers taxable income. The official appointed by the Minister can only grant his(her) authorization: 1 when the official conducting the enquiry has requested, during that enquiry, information and data in relation to the accounts, through the request for information procedure as referred to in article 316 and has clearly stipulated, on that occasion, that (s)he can request the application of article 322 2 if the taxpayer hides the requested information or refuses to

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38 ANNEXES
provide it. The mission mentioned in paragraph 2 can only take place after the timeframe mentioned in article 316 has expired. 2 after having noticed that the enquiry conducted leads to the possible application of article 341 or when it results from the enquiry that there are one or many indications of tax avoidance and that there are presumptions that the taxpayer hides related data by an establishment mentioned in Paragraph 1 or refuses to provide these data by his (her) own. 3. Any bank, change, credit or saving establishment is required to provide the following data to a central point of contact within the National Bank of Belgium: clients identity, accounts and contracts numbers. When the civil servant appointed by the Minister, mentioned in paragraph 2, has noticed that the enquiry mentioned in Paragraph 2 has shown one or many indications of tax avoidance, (s)he can asks to the central point of contact all data available relating to this taxpayer. The King determines how this central point of contact will work. 4. Paragraphs 2 and 3 are applicable when a foreign State requests information: 1 in the case mentioned in Article 338, 5 2 in accordance with the exchange of information provisions of a convention for the avoidance of double taxation which is applicable or any other international convention under which the reciprocity is guaranteed. The request made by the foreign State is always considered as an indication as referred to in Paragraph 2. In that case, the official appointed by the Minister grants, contrary to paragraph 2, the authorization on the basis of the incoming request.

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ANNEXES 39

Art. 56 In the same code, an article 333/1 drafted as follows, is inserted: Article 333/1. 1. In the case mentioned in article 322 2, the administration informs the taxpayer by written means of the indication(s) justifying a request for information by a financial institution. This notification is done by letter with acknowledgment of receipt simultaneously to the sending of the cited request for information. This paragraph does not apply when the recovery of taxes is jeopardized. The notification is done, in that case, post factum, by letter with acknowledgement of receipt, 30 days after the sending of the request for information mentioned in Paragraph 1 at the latest. 2 The fiscal administration provides, once a year, to the Minister, a report detailing, amongst other things, the following information: 1 how many times, according to article 318, alinea 2, an enquiry has been conducted by financial institutions and data have been used to assess their clients taxes: 2 How many times, according to article 322 2, an enquiry has been opened and data have been requested from financial institutions; 3 Real indications, split into categories, according to which Directors have taken their decisions; 4 Number of positive or negative decisions taken by Directors; 5 Global evaluation, on both technical and legal level, on the manner the procedure under article 322 2 to 4 has been conducted This report is sent to the Minister of Finances and transmitted to the Chamber of Representatives. Art. 57 Articles 55 and 56 enter in force on 1 July 2011

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40 ANNEXES
III- Explanatory Note from Belgium Articles 55, 56 and 57 of the Act of 14 April 2011 providing for miscellaneous provisions Explanatory Note and Impact on the conclusions and recommendations contained in the Peer Review Report (Phase I) of Belgium

Key principles of the new legislation Articles 55, 56 and 57 of the Act of 14 April 2011 providing for miscellaneous provisions (Moniteur Belge, 6 May 2011, 1st edition, p. 26576) introduced in the Fiscal Code (hereafter CIR 92) a number of amendments relating to information gathering measures the Belgian fiscal administration has toward third parties. More specifically these provisions provide for the right, for the administration, to carry out, under certain conditions, researches by financial institutions. For this, Article 322 is supplemented by three new paragraphs and a new Article 333-1 is inserted. The following is a brief overview of the key principles of the new legislation as regards incoming requests for bank information received by the Belgian tax authorities from a foreign State: (1) Contrary to a request for information made to a financial institution for domestic purposes, the incoming request for exchange of bank information is in any case considered as a sufficient proof for applying the new mechanism. The treaty partner does not have to provide any specific proof of tax avoidance to obtain bank information (Article 322, 4 CIR 92); (2) The request from the foreign administration must be based on: - The provisions of Article 338 5 of CIR 92 (request for assistance from another EU Member State made under the EU Directive 77/799/EEC of 19 December 1977), or - Exchange of information provisions of a DTA or any other agreement concluded by Belgium, which is applicable and which satisfies the condition of reciprocity; Except in the case of requests made under the Mutual Assistance Directive, it is necessary to ascertain whether the provisions of the above mentioned
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ANNEXES 41

other legal instruments specifically provide for the exchange of information necessary (or other formulations such as "foreseeably relevant") for the administration or enforcement of domestic laws concerning taxes imposed by the treaty partner and to which the relevant agreement is applicable. In addition, the condition of reciprocity must also be completed. This means that the treaty partner must also be able to provide bank information if requested by Belgium. (3) Permission to request the financial institution to provide the requested information is automatically granted by the appointed official, on the basis of the request made by the foreign State; (4) The requirement that the officer conducting the inquiry must first have undertaken every steps to obtain the requested information from the taxpayer itself (paragraph 2, third paragraph of Article 322 CIR 92) only applies where the request for bank information is made for domestic purposes. This does not apply when the request for bank information comes from a treaty partner. (5) The written notification of the taxpayer, referred to in paragraph 1 of Article 333-1 of CIR92, only applies in the case of a request for banking information for domestic purposes. This does not apply when the request for bank information comes from a treaty partner. Entry into force Pursuant to Article 57 of the Act of 14 April 2011, Articles 55 and 56 will enter into force on 1 July 2011. This implies that Belgium will have, from 1 July 2011, the necessary information gathering measures vis--vis Belgian financial institutions to respond to an incoming request from a treaty partner. The entry into force is not tied to a particular tax year, so the information requested by the treaty partner may relate to a tax year preceding the current one. Practicalities The Belgian tax authorities will write to the competent authorities of all treaty partners to inform them of this new legislation and the possibility to request bank information from 1 July 2011. Moreover, the administration is preparing a circular that will provide
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42 ANNEXES
details concerning the new legislation and the practical implementation of the exchange of bank information on request. Impact on the Peer Review of Belgium Regarding the qualification of Belgium for the phase 2 review, this new legislation has a major impact on the conclusions and recommendations of the report approved early March 2011 by the Peer Review Group. With the enactment of this new legislation Belgium will be in position, from 1 July 2011, to exchange (on request) bank information with over 80 partner countries. From that date, Belgium will therefore have a more than significant number of tax treaties that meet the international standard of transparency and exchange of tax information. Belgium therefore fulfils the requirements to undergo its Phase 2 Review (see paragraph 9 of the Report). In this regard, we must also point out that the elements B.1. and C.1. must be assessed as being in place. This legislation makes possible for Belgian tax authorities to have access to bank information in relation to direct taxes (see element B.1.). In addition, Belgium will be able to exchange bank information (see item C. 2) under almost all its conventions in force (over 80).

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ANNEXES 43

Annex 3: List of All Information Exchange Mechanisms in Force

Multilateral agreements Belgium is a party to the:

OECD/CoE Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which is currently in force with respect to 14 jurisdictions: Azerbaijan, Belgium, Denmark, Finland, France, Iceland, Italy, the Kingdom of the Netherlands, Norway, Poland, Sweden, the Ukraine, the United Kingdom and the United States8; EU Council Directive 77/799/EEC of 19 December 1977 (as amended) concerning mutual assistance by the competent authorities of the Member States in the field of direct taxation and taxation of insurance premiums. This Directive came into force on 23 December 1977 and all EU members were required to transpose it into national legislation by 1 January 1979. The current EU members, covered by this Council Directive, are: Austria, Belgium, Bulgaria, Cyprus9, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia,
Canada, Germany, Mexico, Moldova, Portugal South Korea, and Spain have signed the Convention and are awaiting ratification. 1. Footnote from Turkey: the information contained in this document refers to "Cyprus", meaning the southern portion of the island. There is no single authority representing both Turkish and Greek Cypriots on the island. Turkey recognises the Turkish Republic of Northern Cyprus (TRNC). Until such time as a lasting and equitable solution is found in the United Nations context, Turkey will maintain its position on the "Cyprus question". 2. Footnote from all European Union states members of the OECD and the European Commission: The Republic of Cyprus is recognised by all members of the United Nations except Turkey. The information shown in this document concerns the zone under the effective control of the Government of the Republic of Cyprus.

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44 ANNEXES
Slovenia, Spain, Sweden, and the United Kingdom. A new EU administrative co-ooperation Directive was adopted at the EU level on 15 February 2011 and will enter into force on 1 January 2013; and

EU Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments. This Directive aims to ensure that savings income in the form of interest payments generated in an EU member state in favour of individuals or residual entities being resident of another EU member state are effectively taxed in accordance with the fiscal laws of their state of residence. It also aims to ensure exchange of information between member states.

Bilateral agreements

Jurisdiction 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Albania Algeria Argentina Armenia Australia Austria Azerbaijan Bangladesh Belarus BosniaHerzegovina Brazil Bulgaria Canada Chile China Croatia

Type of EoI arrangement DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC

Date signed 14-11-2002 15-12-1991 12-06-1996 07-06-2001 13-10-1977 29-12-1971 18-05-2004 18-10-1990 07-03-1995 21-11-1980 23-06-1972 25-10-1988 23-05-2002 06-12-2007 18-04-1985 31-10-2001

Date in force 01-09-2004 10-01-2003 22-07-1999 01-10-2004 01-11-1979 28-06-1973 12-08-2006 09-12-1997 13-10-1998 26-05-1983 13-07-1973 28-11-1991 06-10-2004 05-05-2010 11-09-1987 01-04-2004

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17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37

Cyprus

10

DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC

14-05-1996 16-12-1996 16-10-1969 03-01-1991 18-12-1996 05-11-1999 18-05-1976 10-03-1964 21-11-1980 14-01-1993 14-12-2000 11-04-1967 14-06-2005 25-05-2004 10-12-2003 19-07-1982 23-05-2000 26-04-1993 16-09-1997 24-06-1970 13-07-1972

08-12-1999 24-07-2000 31-12-1970 03-03-1997 18-03-2004 10-07-2003 27-12-1978 17-06-1965 20-05-1983 13-05-2005 04-05-2004 30-07-1969 17-10-2008 30-12-2005 07-10-2004 25-02-1984 19-06-2003 01-10-1997 07-11-2001 31-12-1973 04-11-1975

Czech Republic Denmark Egypt Ecuador Estonia Finland France FYROM Gabon Georgia Germany Ghana Greece Hong Kong, China Hungary Iceland India Indonesia Ireland Israel

10

1. Footnote from Turkey: the information contained in this document refers to "Cyprus", meaning the southern portion of the island. There is no single authority representing both Turkish and Greek Cypriots on the island. Turkey recognises the Turkish Republic of Northern Cyprus (TRNC). Until such time as a lasting and equitable solution is found in the United Nations context, Turkey will maintain its position on the "Cyprus question". 2. Footnote from all European Union states members of the OECD and the European Commission: The Republic of Cyprus is recognised by all members of the United Nations except Turkey. The information shown in this document concerns the zone under the effective control of the Government of the Republic of Cyprus.

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46 ANNEXES
38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 Italy Ivory Coast Japan Kazakhstan Kirghizstan Kosovo Kuwait Latvia Lithuania Luxemburg Malaysia Malta Mauritius Mexico Moldavia Mongolia Montenegro Morocco Nigeria The Netherlands New Zealand Norway Pakistan Philippines Poland Portugal Romania Russia Rwanda San Marino DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC 29-04-1983 25-11-1977 28-03-1968 16-04-1998 17-12-1987 21-11-1980 10-03-1990 21-04-1999 26-11-1998 17-09-1970 24-10-1973 28-06-1974 04-07-1995 24-11-1992 17-12-1987 26-09-1995 21-11-1980 04-05-1972 20-11-1989 05-06-2001 15-09-1981 14-04-1988 17-03-1980 02-10-1976 20-08-2001 16-07-1969 04-03-1996 16-06-1995 16-04-2007 21-12-2005 29-07-1989 30-12-1980 16-04-1970 13-04-2000 08-01-1991 20-05-1983 28-10-2000 07-05-2003 05-05-2003 30-12-1972 14-08-1975 03-01-1975 28-01-1999 01-02-1997 08-01-1991 30-03-2000 20-05-1983 05-03-1975 27-10-1994 31-12-2002 08-12-1983 04-10-1991 02-09-1983 09-07-1980 29-04-2004 19-02-1971 17-10-1998 26-06-2000 06-07-2010 25-06-2007

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68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91

Senegal Serbia Singapore Slovak Republic Slovenia Sri Lanka South Africa South Korea Spain Sweden Switzerland Taiwan Tajikistan Thailand Tunisia Turkey Turkmenistan Ukraine United Arab Emirates United Kingdom United States Uzbekistan Venezuela Viet Nam

DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC DTC

29-09-1987 21-11-1980 06-11-2006 15-01-1997 22-06-1998 03-02-1983 01-02-1995 29-08-1977 14-06-1995 05-02-1991 28-08-1978 13-10-2004 17-12-1987 16-10-1978 07-10-2004 02-06-1987 17-12-1987 20-05-1996 30-09-1996 01-06-1987 27-11-2006 14-11-1996 22-04-1993 28-02-1996

04-02-1993 26-05-1983 27-11-2008 13-06-2000 02-10-2002 12-06-1985 10-10-1998 19-09-1979 25-06-2003 24-02-1993 26-09-1980 14-12-2005 08-01-1991 28-12-1980 05-06-2009 08-10-1991 08-01-1991 25-02-1999 06-01-2004 21-10-1989 28-12-2007 08-07-1999 13-11-1998 25-06-1999

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48 ANNEXES

Annex 4:

List of Agreements Signed by Belgium that Still Need to be Ratified to Allow for EOI to the Standard
DTA Jurisdiction New Andorra Anguilla Antigua and Barbuda Austria Bahamas Bahrain Belize Congo Dominica Gibraltar Grenada Isle of Man Liechtenstein Luxembourg Monaco Montserrat Oman Qatar Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Seychelles Singapore Tajikistan Uganda Protocol 23-10-2009 24/009/2010 07-12-2009 10-09-2009 07-12-2009 23-11-2009 29-12-2009 16-07-2010 26-02-2010 16-12-2009 18-03-2010 16-07-2009 10-11-2009 16-07-2009 15-07-2009 16-02-2010 16-12-2008 06-11-2007 18-12-2009 07-12-2009 07-12-2009 14-07-2009 16-07-2009 10-02-2009 27-07-2007 TIEA Signed

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ANNEXES 49

Annex 5:

List of all Laws, Regulations and other Documents Received

Access to information:
Law of 14 April 2011providing for miscellaneous provisions: articles 55, 56 and 57 of the law. Bill of law providing for miscellaneous provisions: amendments proposed during the debates. Hearing on lifting bank secrecy: report on behalf of the financial and budget Commission.

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