The Belgian federal government recently reached an agreement on the introduction of a new capital gains tax on financial assets. This major tax reform will come into effect on 1 January 2026, and will have far-reaching implications for entrepreneurs, investors, and shareholders.
Although not all details have been finalized, it is clear that the new measure will not only have fiscal consequences, but also impact strategic decisions related to investments, wealth planning, and corporate structures.
To provide clarity, KPMG hosted a webinar on Thursday, 28 August 2025, where our experts explained the key features of the proposed legislation. Below is a summary of the main takeaways.
Context and scope of application
The capital gains tax will apply as of 1 January 2026 and will only affect personal income tax and legal entities tax (rechtspersonenbelasting). Corporations (corporate income tax) are excluded from the scope.
Taxpayers are natural persons who are either full owners or bare owners of financial assets.
The underlying principle remains: only capital gains resulting from normal private asset management are subject to the tax. Gains from professional activities or abnormal asset management will continue to be taxed separately.
Three categories of capital gains
The legislation distinguishes between three categories of capital gains:
- Category A: Internal transfers
This covers situations where shares or profit certificates are transferred to a company over which the transferor—possibly together with family members—exercises controlling influence.
These transactions are taxed at a fixed rate of 33%. - Category B: Significant shareholdings
This includes transfers where the taxpayer holds at least 20% of the shares.
These gains are taxed progressively from 0% to 10%, with an exemption for the first €1 million over a five-year period.
Transfers to recipients outside the EEA are taxed at a separate flat rate of 16.5%. - Category C: Other financial assets
This category covers all other financial assets such as shares, bonds, investment funds, insurance contracts, crypto-assets, and currencies.
A flat tax rate of 10% applies, with an annual exemption of indexed €10,000, plus a carry-forward exemption of up to indexed €5,000.
Calculating capital gains
The capital gain is calculated as the difference between the sales price and the acquisition value.
- The sales price may include cash, securities, or other forms of compensation.
- The acquisition value is generally considered the original purchase price, or in the case of immigration, the market value on the first day of Belgian tax residency.
For historic assets acquired before 2026, taxpayers may choose—until the end of 2030—to use either the original acquisition value or the value as of 31 December 2025.
Costs and taxes such as stock market tax or valuation fees are not deductible.
Capital losses can be offset, but only within the same category and within the same taxable period.
Valuation of non-listed shares
To determine the acquisition value for non-listed shares, the reference value as of 31 December 2025 (the so-called "snapshot date") is defined as the highest of the following three:
- Market-based transaction in 2025
Example: a sale to an independent third-party, a capital increase, or company formation. - Existing contractual valuation formula
If a valuation formula is contractually agreed upon as of 1 January 2026 (e.g., in a put option agreement), it can be applied. - Flat rate ("Safe harbor") valuation
Based on the following formula:
Equity + 4 × EBITDA (from the last closed financial year before 2026).
In other words: net assets of the company plus four times its EBITDA.
The highest value among these three will be used as the reference value.
However, the draft law allows for deviation from the safe harbor method through a valuation report, submitted no later than 31 December 2026, prepared by an auditor (who is not the statutory auditor) or a certified accountant, using the most recently approved financial statements before 1 January 2026 as the basis.
Important: the tax authorities reserve the right to review the valuation. If the report is deemed insufficiently substantiated or not in line with market standards, the tax authority may disregard it and apply the safe harbor method or make its own corrections.
Filing and payment
The tax will be collected through different channels:
- For Categories A and B, taxation occurs via the annual tax return.
- For Category C, withholding tax is usually deducted by the Belgian financial intermediary—unless the taxpayer opts to claim exemptions or offset capital losses via their personal tax return.
For assets acquired before 2026 and sold before the end of 2030, taxpayers may provide evidence of a higher acquisition value themselves—in case the bank does not possess this information.
Practical tips
- Carefully document purchase dates and acquisition values of financial assets.
- For shareholders of non-listed companies, obtaining an independent valuation ("snapshot") may significantly reduce taxable gains.
- Consider the annual indexation of exemptions and the rules around emigration and exit tax.
- Thorough preparation and ongoing follow-up are essential.
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