Investor tax reporting services
In Belgium, the taxation regime is complex and varies depending on the type of fund (SICAV versus FCP), the fund investments, the dividend policy of the share class, and the type of investor (individual, corporate or institutional).
The 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 drawn 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, to cite some) in which case 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
Since 1 January 2018 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%. The investment funds in scope are extended to alternative funds not only investing in securities.
An Asset test should be calculated to determine the portion of capital gains subject to the taxation. This asset test is valid for one year and should be published within five 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 information, 100% of the capital gains will be taxable.
Scope of services
- Reporting obligation compliance;
- Assessment and calculation of the Belgian Net Asset Tax (NAT);
- Calculation of the Asset Test and the Belgian Taxable Income per Share (BTIS);
- Consultancy and fund structuring;
- Support, calculation and reporting of other Belgian tax reporting regimes (FCP, distribution reporting, RDT regime…);
- Ongoing monitoring of tax changes.
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Contact us
Christian Heinz
Tax Partner, Global Tax Compliance Leader, PwC Luxembourg
Tel: +352 621 33 2247
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