A statement from Antwerp World Diamond Centre reveals that the diamond industry in Antwerp, Belgium is willing to pay higher taxes in exchange for greater legal certainty.
The local industry group went on to say that it’s willing to agree to a new tax system where local diamantaires will be taxed according to a fixed percentage of the turnover, rather than on a percentage of profits.
As a result of this, diamond traders will have to pay higher taxes than they currently do but it will also ensure stability.
“Because the new system is a tax on turnover instead of profits, diamond traders know precisely what to expect when they close their financial year,” says CEO Ari Epstein in a statement. “Given the difficult budgetary situation [in Belgium], we understand that the government requires additional efforts from every industry.” CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
