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Belgium: Tax developments for financial services sector, potentially in 2020

Belgium: Tax developments for financial services sector

Taxpayers in the financial services sector may anticipate that the year 2020 will bring various tax changes in legislation, administrative practice, and case law.

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For example, the extension (in 2017) of the Belgian stock exchange tax to transactions via a foreign securities account or a financial intermediary located abroad might soon be found to contravene the Belgian constitution and/or EU law. Several cases are already pending before the Belgian Constitutional Court.

Moreover, the project of a European financial transaction tax (FTT) might be revived under the new EU Commission. If so and if Belgium continues to participate in the group of countries implementing an FTT in the form of enhanced cooperation, the Belgian tax on stock exchange transactions would have to be repealed.

Also, further any repeal of the tax on securities accounts in 2019, the Belgian Parliament or (future) government may come up with an amended or similar tax on movable property.

Read a January 2020 report prepared by the KPMG member firm in Belgium that also includes a year-end review for 2019 of tax developments concerning the financial services sector and a tax compliance calendar for 2020 for the financial services sector

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