Belgian account

For Belgian people there is some overhead to having a dutch account.

  1. The account needs to be declared with the national bank (and they don’t have itsme :dizzy_face:)
  2. Dividends have to be reported
  3. The 'beurstax’has to be reported

And there is the risks of making mistakes in the declarations we need to do, or if we forget, there is the risk of fines.

It would be greatly appreciated if there would be the possibility to have a Belgian account and the taxes deducted by BUX.

6 Likes

Hi @Jokke I just talked to the team and they told me that we are working on it. In the future, we are hoping to report the ‘beurstax’ for our Belgium users.

7 Likes

An idea on the go live date? Will it be this year? Thanks!

1 Like

Hi Fergus

Yes, my feeling is that this issue is very urgent as this is a risk we are taking by using Bux instead of another platform.

Can you keep us updated or will this be mentioned in a newsletter.

4 Likes

I will definitely communicate it with you @BenLod and our community once I’ve more news about it.

2 Likes

Its the n1 reason people are giving me to not do it. When I try to persuade them to go on BUX.

2 Likes

Hi @Peterm

At the moment it’s not automated yet, but we are trying to help our Belgium customers as best as possible. Once a new Belgium customer starts using BUX, they will immediately receive an email about ‘beurstaks’ and how they can fill it in.

BUX calculates everything like how many transactions a customer did, how much % goes to the tax authority, and what the total amount is that needs to be filled in. The right bank account number is also mentioned.

4 Likes

I feel the same as @Peterm concerning this issue. It would help a lot if the automation of this process is provided by the broker. I also feel that this issue holds back a lot of potential Belgian customers. Especially those without much investing/financial experience.
But as @Fergus has explained, Bux does send us a monthly email with a detailed summary and clear explanation on how to declare this ourselves. I tend to do this once every two months and it takes me about 5 minutes to fill in the PDF form with the correct numbers, send the email to the right address and transfer the according amount to the IBAN number of the tax collector.

7 Likes

Yes. I do it every month. With the monthly update from BUX its very easy. Just copy paste and email. But when I am hyping up BUX to friends. Thats the nr1 reason to stick with their current platform. Just an observation, not an opinion. :blush:

5 Likes

Thank you so much for sharing @Peterm! We really appreciate it :smiley:

3 Likes

+1 here, I really hope you’ll subtract the TOB directly when we make orders. The current situation is painful and needlessly time consuming…

7 Likes

Is there an update? When Bux is going to arrange taxes for customers from Belgium?

7 Likes

@Peterm I appreciate what Bux does to make it easier for Belgian customers, but it is still cumbersome and you have the risk of sending it to the wrong email et etc.

For me it is a show stopper. I regret saying that, because I liked the platform so far. That one order I executed :unamused:

5 Likes

Hi @oxania thanks a lot for your question. I would like to share an update on the Belgian tax process.

The automation of the TOB is a high priority for us. We’re currently looking into when we can start the development of this. This will likely be either by the end of this year or in the beginning of next year.

@Jokke appreciate your feedback. For the time being when the process is not automated yet, we’re trying help our Belgian customers as best as possible by sending a detailed email with explanation on how to declare the tax.

6 Likes

Thanks for update!

3 Likes

Dear,

Same question as a Belgium customer about ‘beurstaks’. If i talk to others about your app they are very interested but they aren’t making their own account because of this administration they have to do. I can imagine it’s one of the main obstacles to expand more in the Belgian market. I really hope this can be resolved soon

A lengthly bank transfer as the only option to top up the account fo the non-german/dutch among us is also not very practical. Besides this am I loving the app in its minimalism and simplicity. No need to compete with other brokers on that level. Zero commission + simple practical app seems the way to go!

8 Likes

Agree with you on this part!

4 Likes

I really think BUX is great, I like the product and the possibility to get direct feedback on things like this.

Unfortunately I don’t want to take the risk of doing this administration, a simple mistake can lead to a lot of hastle and who knows even ridiculously high fines.

I am really eager to start using the app again once all taxes are automatically deducted.

3 Likes

Hi @DemiBUX are we on track with the dev.? Just being curious :slight_smile:

5 Likes

Bump :grin:

5 Likes