Belgium: Updated draft law on new capital gains tax on financial assets
The draft law has been updated following advice from the Council of State.
The Belgian government is introducing a new tax on capital gains from financial assets, expected to take effect on January 1, 2026. An updated draft law retains the basic principles of the original (read TaxNewsFlash) and will be submitted to Parliament for approval later this week.
The most important change for owners of a significant shareholding, concerns the rules regarding the valuation of the market value of companies per December 31, 2025, as an alternative to the EBITDA rule. This valuation must be done no later than December 31, 2027 (previously December 31, 2026).
The draft preparatory documents also confirm that marital property law must be considered when calculating capital gains tax. For example, if a couple is married under the statutory regime, capital gains realized on jointly owned financial assets must be declared by each spouse for half the gain. However, a couple who jointly owns more than 20% of the shares in a company, but less than 40%, will probably not qualify as having a significant shareholding as in that case each partner would be deemed to hold a participation of less than 20%.
The draft law also provides an additional exemption: capital gains realized upon the exit from an indivision within three years following a death, divorce, or the end of legal or de facto cohabitation are exempt.
Read a December 2025 report prepared by the KPMG member firm in Belgium