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Saturday, 31 May 2014

Tens of thousands of Belgian savers see money disappear from their bank.

Translation: " Because of a new taxation on investment funds the government introduced recently, tens of thousands Savers saw money dissapear from their bank accounts yesterday. Years ago, they bought a certain type of investment fund because the capital gains on this type of funds were taxfree. But the government changed this rule and introduced a tax on these funds, with retrospective effect to 1 juli 2008, last summer. Only now, BNP paribas has programmed their computers to make the automatic collection of these taxes possible. Test-aankoop(magazine that safeguards & reviews consumer rights) already got hundreds of complaints."

Summary of important points:
  • Customers of BNP Paribal Fortis buy the "Fortis B FIX 160 Equity" for 1000 euro in 2005. The fund only contains Belgian stocks, on which capital gains are taxfree at that time.
  • During the crisis, the fund drops to 815 euro a piece.
  • On the expiration date, the fund is worth 1004 euro.
  • The Belgian Government changes the rules and says holders of the funds made a capital gain of 189 euro between 2008 and 2013, taxing it for €30 a piece.
  • The tax is automatically subtracted from the bank accounts of customers, without their consent.
  • People think it is ridiculous they have to pay tax on a gain they never made.

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