Tax Residence Certificates (TRC)
A Tax Residence Certificate (TRC) is needed in order to benefit from the application of double tax treaties and comply with local tax regulations.
In some countries, SWIFT payments are subject to withholding tax. As per SWIFT’s general terms and conditions, customers are responsible for the levy, reporting and payment of this withholding tax.
Belgium has concluded double tax treaties with a number of countries to prevent or reduce double taxation. In order to benefit from the reduced withholding tax rate provided by a tax treaty, SWIFT must attest that it qualifies as a true Belgian tax resident. Yearly TRCs are therefore issued by the Belgian tax authorities in accordance with double tax treaties concluded between Belgium and our customers’ countries.
You can find out more about the type of TRCs available to request, how long it takes to obtain a TRC and the associated costs in our Knowledge Base.