Doing squats daily can help you to lose belly fat overtime but will take some time to see results and you should also do some other exercises to burn off calories as well to see significant results in losing the belly fat such as walking, running, jogging etc and sticking to a healthy diet.
Doing squats also helps to strengthen your calves, hamstrings, and glutes and targets your quadriceps muscles as well.
So remember that squats can help you lose your belly fat but just doing squats alone won't cause you to lose belly fat as you must do other exercises and eat healthy and watch your calorie intake and you'll eventually lose belly fat.