Belgium vs Panama
Tax Rate Comparison
Enter your income below for a personal tax estimate, then scroll down for full rate breakdowns.
๐ฐ Personal Income Tax Calculator
Enter your income to see your estimated annual tax liability in each country โ side by side.
๐ง๐ช Belgium โ Regional & Municipal Income Taxes
Belgium's 3 regions (Flanders, Wallonia, Brussels) and 589 municipalities each add centimes additionnelles (additional centimes) to federal income tax. Municipal rates range from 0% to 9.5% of federal income tax, averaging ~7%. Flanders, Wallonia, and Brussels have differing property tax (prรฉcompte immobilier) rates and housing policy incentives. The withholding tax on investment income (prรฉcompte mobilier) is federal at 30%. Belgium has no inheritance tax at federal level โ it's regional.
๐ต๐ฆ Panama โ Municipal & Corregimiento Taxes
Panama's 10 provinces and 81 districts have municipalities that levy commercial licence fees (Tasa Unica), property tax (impuesto de inmuebles at 0%โ2.1%), and service fees. Panama City has the highest commercial licence fees. Panama uses a territorial tax system โ income earned outside Panama is not taxed. This has made Panama a significant financial and trading hub. The Colรณn Free Zone is the world's second largest free trade zone. Panama is working to exit FATF grey lists and improve tax transparency.
Belgium vs Panama: Key Tax Differences (2026)
๐ฐ Income Tax: ๐ง๐ช Belgium has a higher top income tax rate (25โ45% vs 0โ25%). ๐ต๐ฆ Panama is more favourable for high earners.
๐ VAT/Sales Tax: Belgium has a higher consumption tax (6โ21% vs 7%).
๐ข Corporate Tax: Corporate rates are similar in both countries (25% vs 25%).
๐ Capital Gains: ๐ต๐ฆ Panama taxes investment gains at a lower rate (10% vs 33%), benefiting investors.