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NPO

The obligation of transparency

 

Non-profit organisations (NPOs) and foundations have their own legal personality, independent of their members. This means that they themselves have rights and obligations, including a number of accounting obligations.

 

Since May 2019, ASBLs have been included in the new Code of Companies and Associations and have thus entered the world of companies, with sometimes complex accounting and tax obligations.

 

Depending on their activities, they may also be subject to VAT and corporate tax. It should also be noted that when an ASBL is subsidised, the subsidising authority often imposes detailed accounting supervised by a certified accountant (or auditor). It seems that transparency and good administration have become indispensable in the context of good governance of NPOs.

 

We are at your disposal for any information and advice on this matter.