Budget 2026 | Measures impacting FSI

After long and challenging negotiations, the Federal Government has reached a budget agreement covering 2026-2029, as presented during the 26 November 2025 State Of The Union in the Chamber of Representatives. 

Sixty percent of the effort will come from reducing public spending, with the remaining forty percent coming from new revenue measures. This alert provides a brief overview of the tax measures with an impact on the Financial Services Industry.

This alert provides a brief overview of the tax measures with an impact on the Financial Services Industry. The new capital gains taxation will also be discussed; however it is not part of the Budget Agreement. A more detailed FSI tax alert will be released once legislative texts become available and the details will be known in the near future.

Banking tax 

The annual tax on credit institutions will increase, with expected additional revenue of EUR 150 million.

Insurance tax

The insurance tax will rise from 9.25% to 9.6%. This measure, projected to generate EUR 50 million annually, will make insurances such as fire, car and family insurance more expensive.

Tax on securities accounts

The annual tax on securities accounts holding more than EUR 1 million will double from 0.15% to 0.3%. 

This increase also affects all savers invested in branch 23 funds, as these insurance products are not held on individual investor’s securities account but are pooled on the insurer’s securities account, which typically exceeds the EUR 1 million threshold. Consequently, all savers in branch 23 funds pay a proportional share of that tax.

Capital gains tax

A new capital gains tax on financial assets will apply to capital gains on financial assets realized as from 1 January 2026, with grandfathering for historical capital gains accrued at 31 December 2025. 

This new capital gains tax will need to be applied in combination with the Reynders Tax and will increase complexity in investor tax reporting and withholding tax obligations for banks. 

Detailed FSI tax alert will be released once final legislative text becomes available.

National financial prosecutor’s office

A national financial prosecutor’s office will be established. This specialized unit will combat money laundering, tax evasion, corruption, and fraud, including cases involving cryptocurrencies.

The government plans to recruit 377 inspectors to support these efforts.