Investor tax reporting services
In Belgium, the taxation regime is complex and will depend on the type of fund (SICAV versus FCP), the investments of the fund, the dividend policy of the share class, and the type of investor (individual, corporate or institutional).
Investor reporting is based on an annual asset test and a daily tax figure applicable under certain conditions. Deemed distributions are not taxable in Belgium. In addition to the investor taxation, foreign funds are subject to an annual taxation (the Belgian Net Asset Tax) which is based on the value of the assets distributed in Belgium as at calendar year-end.
There are other taxation and tax exemption regimes applicable to Belgian investors (FCP tax reporting, tax on securities accounts, tax on stock exchange transactions, withholding tax on dividend distribution, RDT regime etc…) where the application will depend on different factors.
Belgian Net Asset Tax (B-NAT)
Key Features
Taxation mechanism |
Investor based |
Annual reporting |
✅ |
Deadline of the reporting |
3 months after calendar year-end |
Main features
SICAV and FCP registered with the Belgian financial regulator are subject to a 0.0925% tax on the total of the net outstanding amounts invested in Belgium as of 31 December of the previous year. The 0.0925% rate is lowered to 0.01% for SICAV/FCP which raises their financial means exclusively from institutional or professional investors acting for their own account, and whose securities may only be acquired by those investors. The net assets tax return must be filed by the SICAV/FCP annually before 31 March of the following year.
Belgian tax on savings income (B-TIS)
Key Features
Taxation mechanism |
Asset test: Asset based |
Annual reporting |
✅ |
Deadline of the reporting |
Asset test: 5 months after financial year-end |
Periodic reporting (annual and daily) |
✅ |
Main features
For a Belgian citizen , capital gains realised on shares or units of capitalising collective investment funds investing more than 10% of their assets in debt and cash instruments are subject to a withholding tax of 30% since 1 January 2018. The investment funds in scope are extended to alternative funds not only investing in securities.
An Asset test should be performed? to determine the portion of capital gains subject to the taxation. This asset test is valid for one year and should be published within 5 months after the financial year-end.
For bonds and mixed funds falling within the scope of Art 19bis of the Belgian Income Tax Code, the “BTIS” (Belgian Taxable Income per Share) must be reported daily and provided to the Belgian paying agents for private investors. The daily B-TIS figure determines the income portion subject to taxation.
Benefits of the regime
The capital gains for private investors are taxable based on the asset test and the B-TIS ratio when available. In the absence of this information, 100% of the capital gains will be taxable.
Cayman Tax
In the event that a legal entity or legal arrangement qualifies as a legal construction within the meaning of the Cayman Tax, the Belgian Income Tax Code provides that the founder(s) of the 'legal construction' will be taxed on the income perceived by the 'legal construction' as if theyhad directly received the income. The Cayman Tax is a complex tax regime combating tax planning involving 'legal construction'.
Scope of services
- Preparation and filing of the annual NAT reporting form;
- Assessment of whether the AIF qualifies as a UCI for the application of the Belgian Tax on Savings Income for the units/shares acquired before 1 January 2018;
- Computation of the Asset Tests following Belgian tax rules applicable in the context of the Belgian Tax on Savings Income (article 19bis);
- Analysis whether the AIF is considered as tax transparent for Belgian tax purposes;
- Calculation and reporting of the breakdown of the income received by the fund;
- Analysis of the legal entity to determine whether it qualifies as legal construction for the application of the Cayman Tax;
- Assistance in consultations with the Belgian tax administration relating to the Belgian tax reporting.
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