Is my company concerned?
Yes, if the company receives a letter from the National Bank of Belgium informing it of the requirement to report foreign transactions to be made during the course of the following calendar year.
Why has my company been selected?
Every year, the National Bank splits the companies into different categories, depending mainly on their branch of activity and their relative importance. All firms included in the category of the biggest economic operators abroad are required to report their transactions. In the case of other firms, within in a given category, the choice is then made more randomly, in order to respect the legal requirement for the sampling methods used to "imply, for all those included in the same category, an identical probability" of being obliged to send in the requested information.
Which transactions are targeted?
All foreign transactions of an economic nature equivalent to those mentioned in the list of the survey concerning your company.
What information has to be notified?
For each foreign transaction made by your company, four types of information must be notified:
- the economic nature of the transaction;
- the amount of the transaction (mentioning the currency in which it is expressed);
- the type of revenue or expenditure of the reported transaction;
- the country of residence of the non-resident counterparty to the transaction.
What is meant by the "nature of the transaction"?
The nature of the transaction is indicated by choosing among the list of codes in the survey under which your company falls. As the nomenclature of transactions to be included in the balance of payments is very detailed, it is necessary to search for the right code very carefully. The transaction in question is that carried out between your company and its non-resident co-contractor.
Which file format should I use?
With some on-line forms, as well as entering the information by hand, it is also possible to import data by using a CSV format file or downloading XML format files via the web application.
What do I have to declare if my firm has had no foreign transactions for a while?
In this case, a 'nil declaration' must be made indicating the absence of any transactions during the period under consideration.
When do I have to fill in the form?
From the first day of a reporting period, the form is available on the website. Your firm can then record its transactions as and when they take place or otherwise wait until the end of the period and register all the transactions on the form.
How frequently do I have to make a declaration?
It is not possible to answer this question in this FAQ space. With a view to reducing the administrative burden, the reporting frequency varies according to the different surveys and categories of traders. The letter informing you of your company's reporting obligation mentions the frequency of your transaction reporting requirements. You may also contact our services at the address given on this website.
How is the confidentiality of the information guaranteed?
First of all, the law is very clear on this matter: the National Bank of Belgium may not be required to hand over for tax purposes any of the individual data collected.
Secondly, strict professional secrecy rules apply: any disclosure of individual information collected in accordance with the above-mentioned law by anyone who, because of the functions they carry out or have carried out, has access to such information, is liable to criminal sanctions.