Belgian tax on securities accounts | KPMG | BE

Belgium: New tax on securities accounts of individual taxpayers

Belgian tax on securities accounts

The Belgian Parliament on 1 February 2018 passed legislation introducing an annual tax at a rate of 0.15% on the value of certain securities accounts of individuals (both Belgian tax residents and non-residents). The law would be enacted after its publication in the Belgian official gazette (expected in the coming days/weeks) and would be effective by reference to 30 September 2018.

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  • For Belgian residents, the tax on securities accounts would apply both to Belgian and foreign securities accounts.
  • For non-residents, only securities accounts held with a Belgian financial intermediary (e.g., a Belgian bank) would be subject to tax.

The legislation includes an anti-avoidance clause to address situations when individuals hold a securities account through a company in order to attempt to avoid the new tax. 

The tax would apply to the total average value of securities accounts having a value of €500,000 or more, per account holder. The tax also would apply with respect to account holders having securities accounts with different financial institutions that collectively have a value of €500,000 or more, even though the value of each separate securities account with a specific financial institution may be less than €500,000. In this situation, the tax would be imposed on the value of all securities accounts of the individual taxpayer.

In principle (similarly to the Belgian stock exchange tax), it would be Belgian banks and stockbroker firms that would pay and declare the tax due, if the average value of taxable securities on the securities accounts held with them is at least €500,000. Upon request of the account holder, Belgian banks may also levy the tax on accounts having a value of less than €500,000. For foreign securities accounts, the Belgian individual tax resident would be required to pay and declare the tax (by means of a special declaration via an electronic platform).

 

Read a February 2018 report prepared by the KPMG member firm in Belgium

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