Belgium tax amnesty flops: Belgium is seeing an embarrassingly slow take-up of its tax amnesty scheme in what Brussels bankers call an outright flop. In other countries tax amnesties have also had mixed results, however a European-wide effort to reign-in individual's offshore assets is looming

The Belgium conduct has so far collected sole 47 million [euro] ($61 million) beneath a tax amnesty, which allows proprietors of foreign accounts to repatriate their undeclared assets. This exhibits just over 5 percent of the amount originally targeted by dint of the government.

The amnesty commenc in January and is to be paid to conclude at the extreme point of the year although talk in Brussels glance ats that it could be reach forthed into 2005.

The Belgian Finance Ministry, as a proceed has sharply cut its ambitious receipts target for the amnesty from the awaited 850 million [euro] to between 250-300 million [euro] on the other hand banks ...