Belgium's comprehensive capital gains tax changes: key updates and implications starting January 2026

As indicated in our Newsflash of July 8, 2025, capital gains on financial assets will become taxable as of January 1,2026. We have summed up and updated below how this capital gain tax (CGT) will work based on the latest version available. Kindly be advised that the draft legislation is expected to be published on the chamber’s website very soon, likely by the close of business on Friday, 19 December, or Monday, 22 December 2025.

General overview

As of January 1, 2026, for investments falling in the scope of the normal management of the private estate:

1) capital gains realized on financial assets (financial instruments, some insurance contracts, crypto assets and liquidities) will be taxed at 10% where they exceed 10.000 EUR (possible carry forward of maximum of 1.000 EUR/annum for maximum 5 years).

2) capital gains realised upon a sale of shares by an individual who alone or together with his close relatives controls the acquiring company would be taxed at 33% (“interne meerwaarde”/ “plus-values interne”).

3) capital gains realised upon a sale of shares by an individual who hold 20% of the shares of the company would be exempt up to 1.000.000 EUR and then taxed at graduated rates from 1.25% up to 10% (“substantial shareholding”). Where it comes to the disposal of a substantial shareholding in a Belgium tax resident company to a non-EEA company, the CGT rate is 16.5%.

Where it goes about capital gains realised beyond the scope of the normal management of the private estate they would continue to be taxed as miscellaneous income at 33% (plus local taxes) under article 90, 1° of ITC 92.

Base cost of financial assets acquired prior to January 1, 2026

The new capital gain tax will apply to capital gains on financial assets accrued as of January 1, 2026. Hence, the base cost of a financial asset acquired prior to January 1, 2026, would be its value measured on December 31, 2025. For listed financial assets, the base cost will be its last closing price in 2025.

For unlisted assets, the base cost may be the higher of:

•  the value at which the financial asset has been disposed of for a valuable consideration in 2025 between independent parties, or, where it comes to shares, their subscription price at the occasion of a capital increase or the incorporation of the company where they occurred in 2025;
•  the value arising from a valuation formula included in a contract or put option in force on January 1, 2026;
•  where it comes to shares and share related instruments, the equity value of the company increased by 4 x EBITDA as per the last financial statements prior to January 1, 2026. By way of exception, the taxpayer has the possibility to use as a base cost the value of the share on December 31, 2025 as determined by an auditor, or a chartered accountant, not being the usual professional, by December 31, 2027 (instead of December 31, 2026) at the latest.

What is new is that resorting to an independent auditor or a chartered accountant is also possible for financial assets other than shares where their value cannot be determined based on the other methods.

For disposals occurring up to December 31, 2030, the taxpayer may still request that the base cost of the financial asset is its actual acquisition cost (as documented by the taxpayer).

Exit tax

Where Belgium tax resident individuals transfer their place of residence outside of Belgium, they will be subject to an exit tax. The exit tax would apply to the capital gain accrued up to the transfer of the tax residence if the assets are disposed of within the two years.

An automatic deferment of payment of the exit tax applies if the individual transfers their tax residence in the EU, the EEA or a country with which Belgium has a double tax treaty providing for the exchange of information and mutual assistance in recovery of taxes. If the individual transfer their tax residence to another country, there is a deferment of payment provided that they provide sufficient security/collateral.

In the same spirit, where a non-resident taxpayer moves to Belgium the base cost of the financial assets “imported” to Belgium will be the value of the financial assets at the time the taxpayer moves to Belgium.

Income tax withholding

The capital gain tax is expected to be levied by Belgian intermediaries on certain financial instruments (e.g. not in case substantial shareholding and internal transfers) and certain insurance contracts unless the taxpayer has opted out. However, for 2026 the application of the income tax withholding is deferred until the 10th day following the entry into force of the law (i.e. no withholding tax will be withheld by the Belgian intermediary)

Where it comes to transactions not involving Belgian intermediaries, the capital gain will have to be reported in the individual tax return. Where the capital gain tax levied at source exceeds the final CGT due, the excess should be claimed back through the individual tax return.

Notification duty

The law also introduces a ‘DAC 6’ like reporting obligation for those who are involved in relation to a transfer of a substantial shareholding or “internal” capital gains on shares. The reporting obligation resembles the already existing ‘DAC 6’ reporting as implemented in Belgian law. This reporting obligation would need to be complied with no later than the last day of February the year following the year the operation was carried out.

Next Steps

Although this new capital gain tax legislation is expected to be approved beginning of 2026, it will nonetheless enter into force as of January 1, 2026 as expected (except for the withholding tax).

Hence, don’t hesitate to reach out to your regular PwC contact for a first assessment or more clarification especially

•  With the possible application of envisaged exemptions and exceptions
•  With the preparation of future reporting obligations which requires a more diligent personal administration
•  When preparing for a future transaction especially in the context of a family business or start-up context
•  When looking for more comfort in terms of valuation of your business
•  When participating or considering the launch of equity-based incentive plans

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