Capital Gains Tax on Financial Assets – Law Adopted

The law introducing a new taxation regime for capital gains on financial assets was formally adopted on 3 April 2026. This landmark legislation will fundamentally reshape Belgium’s tax landscape for investors, financial institutions, and business owners.

Broad impact

The new capital gains tax regime will have implications across multiple stakeholder groups and business structures:

• Investors, private individuals and certain non-profits holding financial assets

• Financial services institutions and intermediaries (including insurance companies)

• Corporate restructuring and structuring of M&A-deals, private equity, MBO's and LBO's

• Management Incentive Plans (MIPs) and employee share schemes

• Foreign executives and expatriate employees

• Estate planning and wealth transfer strategies

• Family business succession and transfers

• Cross-border mobility (emigrations and immigrations of individuals)

Complex legislation

The legislation introduces a complex set of rules. During the parliamentary process, the Minister of Finance provided explanations addressing numerous questions regarding this new taxation regime. However, despite these clarifications, significant uncertainties remain. A circular letter on this matter has been announced.

Further details can be found on the Tax Reforms Hub.

Entry into force

The new regime takes effect from 1 January 2026, but withholding tax applies from 1 June 2026. From that date, withholding tax is the default (opt-in). A transitional rule applies for 1 January to 1 June 2026, during which opting out is the default.

Capital gains not subject to withholding tax will have to be reported for the first time in the personal income tax return for assessment year 2027.