📅 Last updated: 18 July 2026
· 🏷 Topic: TOB, dividend withholding, capital gains tax 2026
· 🇧🇪 For: English-speaking residents and expats in Belgium
What you’ll learn
- The four main taxes Belgian residents pay on their investments
- How the new 10% capital gains tax (effective 1 January 2026) actually works
- When the TOB rate is 0.12% (cap €1,300) vs 0.35% (cap €1,600) vs 1.32% (cap €4,000)
- The mechanics of dividend withholding and how to reclaim the €833 allowance
- The Reynders tax on bond ETFs and how 2026 split-treatment changes things
- Filing deadlines and where to declare what
⚠️ Belgian tax rules change annually. Figures in this article were last reviewed on 18 July 2026. Always verify current rates with FOD Financiën / SPF Finances or a tax adviser.
1. The TOB (Stock Exchange Transactions Tax)
The TOB is a transaction tax paid on both purchase and sale of financial instruments on a domestic or foreign exchange.
The four rates:
| Instrument | TOB rate | Per-trade cap |
|---|---|---|
| Distributing UCITS, or accumulating ETFs not registered in Belgium | 0.12% | €1,300 |
| Bonds on the secondary market | 0.12% | €1,300 |
| Individual shares, ETCs (e.g. physical gold), non-EEA ETFs | 0.35% | €1,600 |
| Accumulating ICBs/ETFs registered in Belgium (e.g. VWCE) | 1.32% | €4,000 |
| Bonds redeemed at issue (not a secondary-market trade) | 0% (out of scope) | — |
“Registered in Belgium” means the FSMA has approved the fund for distribution to Belgian retail. Critically: if any sub-class of a fund is registered in Belgium, the tax authority treats all classes as Belgian-registered (the “compartment rule”).
Concrete: VWCE = 1.32%; IWDA = 0.12%. Both Irish-domiciled, but VWCE is FSMA-registered for Belgian retail.
Who handles withholding?
- Belgian brokers (Bolero, Keytrade, MeDirect): automatic.
- Foreign brokers with Belgian TOB-handling (DEGIRO, Saxo): automatic.
- Other foreign brokers (Trade Republic, Interactive Brokers): you self-declare via MyMinfin → My declaration → Diverse Taxes (DivTax) → TOB, payable by the last working day of the second month after the transaction. Email declarations have not been accepted since July 2025.
2. Dividend withholding (roerende voorheffing / précompte mobilier)
On dividends, interest from bonds, and interest from regulated savings accounts above thresholds, 30% withholding tax is deducted at source — set by Article 269 §1 of the Belgian Income Tax Code (WIB92).
Regulated savings account exemption:
- First €1,020 of interest per person per year is exempt (frozen at this level through income year 2030 — indexation suspended).
- Above the threshold: 15% (instead of 30%).
Dividend exemption — direct shares only:
- Each person can reclaim withholding on the first €833 of net dividends per year (per art. 21, al. 1er, 14° CIR92/WIB92, introduced by the Law of 26 December 2015) via the personal income tax return in box VII. Confirm the exact code on the current assessment-year form, as codes change yearly.
- The broker withholds 30% upfront; you reclaim it on your tax return.
- ETFs and SICAVs are excluded from this exemption — it applies only to direct shares (Belgian and foreign).
Foreign dividends: if your broker doesn’t automatically withhold (most foreign brokers don’t), you self-declare in box VII (form 1444/2444) of your tax return.
3. The new 10% capital gains tax (effective 1 January 2026)
This is the most significant change for Belgian investors in a generation. From 1 January 2026, Belgium taxes net capital gains on financial assets — shares, ETFs, bonds, mutual funds, investment insurance, cryptocurrencies — at 10% above an annual exemption.
| Element | Rule |
|---|---|
| Rate | 10% on net capital gains above the annual exemption |
| Annual exemption | €10,000 per person |
| Carry-forward | Max €1,000/year for 5 years, total cap €5,000. From year 6, your exemption can reach €15,000 |
| Step-up | Cost basis = market value on 31 December 2025 |
| Actual cost option | Until 31 December 2030, evidence your real historical purchase price if higher |
| Substantial holding (≥20% in one company) | First €1M exempt; above €1M progressive 1.25% → 10% sliding in 4 brackets: €1–2.5M = 1.25%; €2.5–5M = 2.50%; €5–10M = 5%; above €10M = 10% |
| Sale within controlled affiliated party | Flat 33% |
| Professional speculation (outside normal asset management) | Flat 33% as miscellaneous income |
Broker withholding timeline:
- 1 January – 31 May 2026: transitional period. No mandatory broker withholding. You self-declare on your 2027 tax return.
- From 1 June 2026: Belgian brokers must withhold automatically unless the client opts out. Statutory opt-out window for 2026 transactions runs through 31 August 2026. Some brokers have earlier internal deadlines (e.g., Saxo: 30 June 2026) — check yours.
- Foreign brokers (DEGIRO, IBKR, Trade Republic): no automatic withholding. Self-declare on the personal tax return.
Saxo Bank’s specific position: Saxo Belgium defaults to automatic withholding for Belgian clients (default opt-in), with opt-out available before their internal deadline.
⚠️ The implementing decrees (specific withholding mechanics, FIFO order of carry-forward consumption, exact tax forms) are still being finalised through 2026. For your specific situation, consult a Belgian tax adviser.
⚠️ Inheritance and CGT: no step-up at death. If you inherit financial assets, you take over the decedent’s original acquisition price as your cost basis for the CGT calculation (there is no step-up at death, unlike in some other jurisdictions). Exception: if the decedent acquired the assets before 1 January 2026, you may use the market value on 31 December 2025 as cost basis (the same transitional protection that applies to all pre-2026 assets). Document carefully: if you cannot prove the decedent’s original acquisition price, the tax authority treats the cost basis as €0 and the full sale proceeds become the taxable gain. See also our article on Belgian Inheritance Tax by Region.
4. The Reynders tax (on bond ETFs)
Article 19bis of WIB92: 30% on the interest component of the bond portion of a fund or ETF, at sale. Named after Didier Reynders, the former Finance Minister who introduced it.
Threshold: applies to funds with at least 10% in bonds. Pure equity ETFs don’t pay Reynders.
Since 2026 — split treatment: for accumulating bond ETFs, the tax authority now applies:
- Interest gains component → 30% Reynders tax.
- Pure price-appreciation component → 10% new capital gains tax.
For distributing bond ETFs, Reynders applies in principle. There’s a theoretical exception for funds where all income is distributed directly, but in practice virtually no ETF satisfies this strict condition.
💡 For VWCE, IWDA, and similar pure equity ETFs, Reynders does not apply. For bond ETFs and mixed funds, always check the bond percentage in the fund’s KID before buying.
5. VVPR-bis: 15% on dividends from small Belgian companies
A favourable regime under Article 269 §2 of WIB92 reduces dividend withholding from 30% to 15% for shares in Belgian SMEs that meet specific conditions:
- Issued by an SME (under Article 1:24 §1-6 WVV — Code of Companies and Associations).
- Issued via a cash contribution from 1 July 2013 onwards.
- Held in registered (op naam) form only — dematerialised shares in a securities account do not qualify.
The reduced rate applies on a graduated schedule. For contributions before 1 January 2026: 30% in years 1, 20% in year 2, 15% from year 3 onwards. For contributions from 1 January 2026: the 20% intermediate tier is abolished (Programme Law of 18 July 2025) — schedule is 30% (years 1–2) → 15% (year 3+).
⚠️ Pending change (2026): a 2026 programme law raises the VVPR-bis end-rate from 15% to 18% for all distributions (including existing shares). Earliest effective date: 1 June 2026 (first day of the month after Belgian Official Gazette publication). Vote was postponed on 29 April 2026 for Council of State referral; exact date still uncertain.
Practical impact: for owner-managers of Belgian SMEs and individuals investing in Belgian start-ups via crowdfunding. Generally not applicable for ordinary listed-shares investments through ETFs.
6. Inheritance and gifts of an investment portfolio
On death: investment portfolios are part of the regular succession. Rates differ by Region (Flemish, Brussels, Walloon) and degree of kinship — typically 3% – 27% for spouse/children (Flanders, bracketed). For distant relatives or non-relatives, top rates reach 55% in Flanders or 80% in Brussels and Wallonia, depending on region and kinship degree.
During lifetime — gift: movable assets like portfolios can be gifted via bank transfer or notarised deed. Rates differ:
- Flanders: 3% (direct line/spouse) or 7% (others) on notarised gifts. Bank transfer without notarised deed → 0% rate but 5-year risk period — if the donor dies within 5 years, the amount returns to the estate.
- Brussels & Wallonia: comparable structure with regional differences.
💡 Estate planning is best done with a notary or estate-rights specialist. Tak21/tak23 insurance products can offer fiscally favourable structures in some scenarios.
7. Filing deadlines summary
| What | When | How |
|---|---|---|
| TOB on foreign broker | Last working day of the second month after transaction | MyMinfin → DivTax |
| Foreign account — NBB | Before first tax return mentioning the account | Two parallel obligations: (1) one-time notification to the NBB via the NBB CAP form before your first tax return mentioning the account; and (2) annual mention in box XIII Section A (code 1075-89) of your personal income tax return — every year for as long as the account exists, regardless of whether it was previously declared to the NBB. |
| Foreign dividends | Yearly | Box VII, form 1444/2444 |
| Reclaim €833 dividend exemption | Yearly | Box VII, form 1437/2437 |
| Capital gains (no broker withholding) | Yearly | Specific form (defined by implementing decree) |
| Personal income tax | Online (Tax-on-Web): 15 July 2026; paper: 30 June 2026 | MyMinfin / Tax-on-Web |
Frequently asked questions
What taxes do Belgian residents pay on their investments?
Four main taxes apply: (1) the TOB (Stock Exchange Transactions Tax) on every buy and sell, at 0.12%, 0.35% or 1.32% depending on the instrument; (2) 30% dividend withholding tax (roerende voorheffing / précompte mobilier) under art. 269 §1 WIB92; (3) the Reynders tax — 30% on the interest component of bond ETFs (art. 19bis WIB92); and (4) the new 10% capital gains tax on financial assets, effective 1 January 2026.
How does the new 10% capital gains tax work?
From 1 January 2026, Belgium taxes net capital gains on shares, ETFs, bonds, mutual funds, investment insurance and cryptocurrencies at 10% above an annual exemption of €10,000 per person. Unused exemption carries forward at max €1,000/year for 5 years (total cap €5,000) — from year 6 the exemption can reach €15,000. Your cost basis is the market value on 31 December 2025, with an option until 31 December 2030 to evidence a higher real historical purchase price.
When are the three TOB rates 0.12%, 0.35% and 1.32% applied?
0.12% (cap €1,300) on distributing UCITS and accumulating ETFs not FSMA-registered in Belgium (e.g. IWDA). 0.35% (cap €1,600) on individual shares, ETCs (physical gold) and non-EEA ETFs; bonds on the secondary market are 0.12% (cap €1,300). 1.32% (cap €4,000) on accumulating ETFs registered in Belgium — including VWCE, because if any sub-class of a fund is FSMA-registered, all classes are treated as Belgian-registered (compartment rule). Bonds on the secondary market are 0.12% (cap €1,300); only redemption at issue falls outside TOB entirely.
Do brokers withhold the new capital gains tax automatically?
It depends on the period and the broker. For 1 January – 31 May 2026 there is no mandatory broker withholding — self-declaration on your 2027 tax return. From 1 June 2026, Belgian brokers must withhold automatically unless the client opts out; the statutory opt-out window for 2026 runs through 31 August 2026 (some brokers have earlier internal deadlines, e.g. Saxo: 30 June 2026). Foreign brokers (DEGIRO, IBKR, Trade Republic) do not withhold — you self-declare.
Can I reclaim dividend withholding tax on my tax return?
Yes, but only for direct shares. Each Belgian resident can reclaim withholding on the first €833 of net dividends per year via box VII (form 1437/2437), under art. 21 al. 1er 14° CIR92/WIB92 (Law of 26 December 2015). The broker withholds 30% upfront; you claim it back on your annual tax return. ETFs and SICAVs are excluded from this exemption — it applies only to direct shares (Belgian and foreign). Confirm the exact code on the current assessment-year form.
What is the Reynders tax and when does it apply?
The Reynders tax (art. 19bis WIB92) is 30% on the interest component of the bond portion of a fund or ETF, charged at sale. It applies to funds with at least 10% in bonds — pure equity ETFs like VWCE or IWDA are not subject. Since 2026, for accumulating bond ETFs the tax authority applies a split treatment: interest gains → 30% Reynders; pure price-appreciation → 10% new capital gains tax.
What are the filing deadlines for Belgian investment taxes?
Personal income tax: online via Tax-on-Web by 15 July 2026, paper by 30 June 2026. TOB on foreign brokers: declare and pay via MyMinfin → DivTax by the last working day of the second month after the transaction. Foreign accounts: one-time notification to the NBB CAP before your first tax return, plus annual mention in box XIII Section A (code 1075-89). Foreign dividends: box VII (form 1444/2444).
Sources
- FOD Financiën / SPF Finances — Tax on stock-exchange transactions
- FOD Financiën — Withholding tax / dividend income
- Wikifin — Investment taxes overview
- PwC Belgium — Capital gains tax 2026
- EY Belgium — New Belgian Capital Gains Tax 2026
- KPMG Belgium — New Capital Gains Tax 2026
- Tiberghien — Outline of the capital gains tax
- Curvo — Belgian taxes for investors
- Curvo — Reynders tax 2026
All guides on this topic
Capital gains tax and loss planning
- Reynders tax vs capital gains tax: overlap or double taxation? — how Belgium’s two investment taxes apply to different products
- Within-year loss offset under the 2026 capital gains tax — using losses to reduce your taxable gains each year
- Tax-loss harvesting in Belgium — harvesting losses strategically after the 2026 capital gains tax
Crypto taxation
- Declaring crypto: Box XV vs Box VII — codes 1444, 1440 and 2440 on your tax return explained
- Staking and lending crypto: normal management or not? — when crypto yield falls outside normal private wealth management
- Crypto and alternative assets in Belgium — overview of how Belgium treats crypto and alternative investments
Property, gifts and inheritance
- Second-home tax treatment in Belgium — how a second property is taxed in Belgium
- Mortgage refinancing in Belgium: free at the same bank? — costs and savings of refinancing at your own bank
- Real estate as an investment in Belgium — returns, costs and taxes of Belgian property investing
- Gifting securities to your children — gift tax rules when transferring investments to your children
- Belgian inheritance tax by region — how Flanders, Brussels and Wallonia tax inherited investments differently
Declarations and special situations
- How to file the NBB CAP declaration — reporting your foreign accounts to the National Bank’s register
- Non-resident tax treatment in Belgium — investment tax rules for non-residents with Belgian income or assets
- Investing via a Belgian company — pros, cons and taxes of investing through your own company
Read also: Belgian ETF Tax Passport: TOB rate and Reynders status for 68 ETFs
Keytrade Review for Belgian Investors
Keytrade Bank review: ETF list, transaction costs, integration with Belgian banking, and where it fits in the Belgian broker landscape.
EIP / Group Insurance Explained for Belgian Investors
EIP (group insurance) in Belgium: how the 2nd pillar works, employer/employee contributions, vesting, and what to do at retirement.
How to Determine Your Risk Profile (Belgium)
How to determine your risk profile as a Belgian investor: MiFID questionnaire, real risk capacity, and how to translate it into an asset allocation.
