Government proposes new tax system for diamond industry

In the context of the budgetary control, the Federal Government has decided to introduce a new tax system for the diamond industry. As a result of this tax regime, Belgian diamond traders will be taxed on their turnover instead of the profits from their diamond trading activities. The government will further develop the technical details of this new legislation in the coming weeks.

This tax system will ensure greater financial predictability and legal certainty. This is important given the competitive environment in which the Antwerp diamond traders have to work. Furthermore, diamond traders, as a result of strengthened balance sheets, will be in a better position to access financing, which is crucial to the viability of their companies.

At the request of the Belgian Government, the European Commission will examine this new legislation in order to ensure that it is consistent with the regulations concerning State aid in Europe before it can enter into force. Once Europe has given its approval, the Belgian Federal Government will further develop the technical details of the system.