Unlock the Secrets of Net Income Calculation in Belgium! 💰 | Special Tax Regime Explained 🇧🇪
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- čas přidán 5. 10. 2023
- Unlock the Secrets of Net Income Calculation in Belgium! 💰 | Special Tax Regime Explained 🇧🇪
Curious about your in-hand salary in Belgium? 🤔 Join us in this comprehensive video as we dive deep into net income calculation, with and without the special tax regime. Whether you're an expat or a resident, understanding how your earnings are impacted is crucial.
📈 We'll break down the essentials:
- Special Tax Regime: Uncover the benefits and eligibility criteria.
- Tax Deductions: Learn how to optimize your deductions for maximum savings.
- Gross vs. Net Income: Demystify the difference and ensure transparency.
- Practical Examples: Real-life scenarios for a clear understanding.
Empower yourself with financial knowledge and take control of your income in Belgium! 💪
For more insights, explore our blog:
👉 belgiumexpatstories.blogspot....
#BelgiumExpat #NetIncomeCalculation #SpecialTaxRegime #BelgiumTaxation #InHandSalary #ExpatriateFinance #TaxSavings #FinancialEmpowerment #BelgiumLife #TaxOptimization #IncomeTransparency #TaxDeductions #ExpatLiving #MoneyMatters #FinancialWisdom #BelgiumFinance #LivingInBelgium #IncomeInsights #ExpatsInBelgium #FinancialEducation #BudgetingBelgium #TaxEfficiency #BelgiumExpats #FinancialFreedom"
Stay ahead of the financial game by watching now! 📊🎉
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Can you please calculate for 75k? This all very confusing
Thx. What’s the calculation for nett pay for example if the gross salary is 150,000 euros.
Hi Russel, based on your gross salary the net take home will be around 90,000 usd. However, the net is subject to your family composition, working/non-working partner, no. of children and other allowances from the company.
Thanks for the excellent explanation. For a €100k annual gross salary, you take home +€15k a year, it's a lot of money. If going to Belgium from abroad, you can easily pay the rent for the whole year with these savings.
Good point!
Video on Birth Certificate topic will be very useful
Noted. I have my own experience of getting birth certificate from India. Will gather more information and upload soon
Thank you very much for the info
That's very useful
I have a question: what if your spouse doesn't have an income? How the tax is calculated?
Thanks again
Hello, In Belgium, you get tax benefit from a non-working partner when they are considered dependent on the working partner. The working partner can claim a tax allowance for their dependent spouse or partner, which can result in reduced taxes or a higher tax refund for the household. The salary calculator link in the video would help you to simulate yourself the impact based on your salary.
Video about getting a birth certificate from India and how to obtian birth certificate from Belgium (if someone is unable to obtain from India) will be very useful
Thanks for your feedback and really appreciate it. I will surely cover this topic in my upcoming videos 👍
So, if someone with 5000 monthly gross would have yearly gross around 69,600 (considering 13.92 multiplication). Still 5,400 less to meet minimum 75,000 threshold.
Assuming this understanding is accurate, the query arises:
1. Can one still apply for STR, taking into account additional benefits such as Food allowance, Group Insurance, and Car allowance, to bridge the remaining 5,400 and meet the 75,000 threshold?
OR
2. Must the consideration be solely based on monthly gross income? If the latter is affirmed, would it be appropriate to request the employer to increase the monthly gross salary to 75,000/13.92= 5,388?
Hi,
To get approval from the finance ministry for the special tax regime, a minimum gross annual taxable income of 75,000 euros is needed. But the overall salary has to be above that to get benefits from STR regime. Also for STR regime your company has to get a new contract in place where they will mention the minimum gross salary as per the requirement and then add a clause for STR which allows the tax free payment.
thanks Mam to sharing the info.
If the child is above 3 yrs old but child is living in india then we can click one the option from child as per website you showed.
and tax deduction happen accordingly ?
Hi Vikas, The child has to be registered as a dependent in the commune, that will allow you get necessary relief in the tax. Regards
@@BelgiumExpatStories ok thanks
Under STR, how did you arrive at the first 23k being tax free? The tax-free amount is 30%, is it not? In which case the tax-exempt amount would be 30k.
In Belgium's Special Tax Regime, although the tax-free amount is 30%, it's not a flat 30% applied to your CTC.
For instance, if your salary is 100K, the government considers 77K as your official salary, and the remaining 23K is the tax-free component. Your employer adjusts your gross in an addendum to reflect the 77K, making the tax-free part consistently 30% of your gross salary (in this case, 77K).
@@BelgiumExpatStories This is now even more confusing. Is the Tax free component not meant to be 27 K. 30/100 * 90 000 ie 30 percent of 90 000 limit = 27 k.
I was never good at maths though, so take with a pinch of salt.
@@africanbuffet614 hi sorry for delay in my response. To clarify your confusion, the maximum tax-free salary allowed within the Special Tax Regime is set at 90,000 euros. This means that individuals benefiting from this regime can earn up to this specified amount without being subjected to taxes on their income within this limit.
hi, So new employee have to ask this new STR to HR when getting hired or is it given by default?
Yes if the CTC offered by the employer meets the given threshold, along with the other eligibility criteria in that case you should inform your HR/Hiring manager to apply for Special Tax Regime as it not by default.
Hi! Thank you for the video. My question is in line. Is this something that the company can deny? Like if I request it, the company could say, we don't do it here.