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Belgium Investment Tax Guide 2026
The New 10% Capital Gains Tax, Dividends, TOB & Crypto
Meerwaardebelasting · code 1444/2444 · TOB (beurstaks) — for Revolut, Trading 212, Interactive Brokers, DEGIRO, eToro, Bolero & more. Covers income year 2026 (assessment year 2027).
Last updated: · Reflects the Law of 6 April 2026 and the FOD Financiën / SPF Finances guidance.
WHAT'S NEW FOR 2026
A general 10% capital gains tax — the biggest change in decades
For the first time, Belgium taxes realised gains on financial assets by a private individual. The Law of 6 April 2026 (Belgisch Staatsblad, 21 April 2026) introduced a 10% tax (art. 90, §1, 9° WIB92), retroactive to 1 January 2026. Only appreciation after 31 December 2025 is taxed.[1][7]
Transition window: 1 January – 31 May 2026 was never withheld
Belgian banks and brokers only began withholding the 10% at source on 1 June 2026. Gains realised in the first five months of 2026 — and all gains through foreign brokers and crypto platforms — are self-reported in your tax return.[1]
Securities-accounts tax doubled to 0.30%
The annual tax on securities accounts averaging over €1,000,000 was doubled from 0.15% to 0.30% (Programme Law voted 30 May 2026), effective for reference periods ending on or after 1 June 2026.[10]
DAC8 — crypto platforms start reporting
From 2026, under the EU DAC8 directive, crypto-asset service providers report EU customers' transactions to the tax authorities. If you use foreign exchanges, expect the FOD/SPF to receive matching data — under-reporting risk rises sharply.
KEY BELGIAN TAX CONCEPTS
ROERENDE VOORHEFFING / PRÉCOMPTE MOBILIER (30%)
Dividends and interest are taxed at a flat 30%. A Belgian bank withholds it automatically and it is then a final tax. Through a foreign broker nothing is withheld — you declare it yourself.[2]
FOREIGN BROKERS = SELF-DECLARATION
Revolut, Trading 212, Interactive Brokers, DEGIRO, eToro and the like withhold no Belgian tax. You self-report: the 10% capital gains, dividends/interest in code 1444/2444, the TOB every two months, and your foreign account to the National Bank (CAP).[1][2]
TWO EXEMPTIONS WORTH CLAIMING
€10,000 of capital gains per person per year are exempt (claimed via the return).[1] Separately, the first €833 of dividends from individual shares is exempt — reclaim the withholding via code 1437/2437.[3]
The New 10% Capital Gains Tax
Since 1 January 2026 Belgium taxes realised capital gains on financial assets at 10%. In scope: listed and unlisted shares, bonds, funds and ETFs, derivatives, crypto-assets, foreign currencies and investment gold. Second- and third-pillar pension products are excluded.[1][8]
The four rules that decide your bill
- 1. Only post-2025 gains. For anything bought before 2026 your cost basis is the market value on 31 December 2025 (for listed assets, the closing price). You may instead use your actual, higher purchase price for disposals up to end 2030.[8]
- 2. €10,000 exemption. Per taxpayer, per year, claimed only via the tax return. Unused, it grows €1,000 per year up to €15,000.[1]
- 3. Losses, same year only. A loss offsets a gain on any other in-scope asset, but only within the same calendar year — there is no carry-forward.[1]
- 4. Foreign brokers self-report. Belgian banks withhold the 10% from 1 June 2026; foreign brokers and crypto never withhold.[1]
Example: a share bought before 2026
Bought 2019 for €6,000 · value on 31/12/2025 = €9,000 · sold 2026 for €10,000
Taxable gain = €10,000 − €9,000 = €1,000 (the €3,000 earned before 2026 is never taxed)
Below the €10,000 exemption → €0 tax, but still declared.
How gains are matched (FIFO)
Purchases from 2026 are matched first-in-first-out; pre-2026 holdings form a single weighted-average pool at the 31/12/2025 value and, being oldest, are deemed sold first.[8][9] Tax-Wizard applies this automatically from your broker files.
Dividends — 30% and code 1444/2444
Dividends are taxed at 30%. Belgian banks withhold it; through a foreign broker you declare them in code 1444/2444. The taxable base is the net frontier amount — gross minus the foreign withholding already deducted.[2]
Example: a US dividend of €100
US withholds 15% (with a W-8BEN) → €85 net frontier
Belgian tax 30% × €85 = €25.50
You keep €59.50 (total burden 40.5%)
The €833 exemption and the French credit
- €833 exemption: the first €833 of dividends from individual shares (not funds/ETFs) is tax-free per taxpayer — up to €249.90 of withholding reclaimed via code 1437/2437.[3]
- French dividends: a 15% credit (QFIE) on the net frontier still applies under the 1964 treaty, materially lowering the burden.
Which code?
1444 / 2444 — foreign dividends & interest without Belgian withholding (30%). 1437 / 2437 — reclaim of withholding on your €833 dividend exemption.[2][3]
Interest, Cash Programs & Savings
Interest on bonds, bond-fund distributions and broker cash-interest programs (Trading 212, IBKR, Trade Republic) is taxed at 30% and, from a foreign broker, declared in code 1444/2444.[2]
Belgian regulated savings accounts
The first €1,020 of interest on a regulated Belgian savings account is exempt; above that the rate is only 15%. This does not apply to broker cash accounts or non-regulated savings (e.g. Revolut savings), which are taxed at the full 30%.[2]
Revolut, specifically
Revolut now issues Belgian IBANs and withholds 30% on its savings interest at source (final — don't re-declare it). But investment income and gains routed through Revolut Securities Europe (Lithuania) carry no Belgian withholding and must be self-declared, plus the account reported to the CAP.[12]
Funds & ETFs — the Reynders Tax
Funds and ETFs investing more than 10% in bonds are subject to the Reynders tax (art. 19bis WIB92): 30% on the bond-interest component of your gain when you sell. It was retained in 2026 and works alongside the new 10% tax — the 19bis-taxed portion is deducted from the 10% base, so the same gain is not taxed twice.[7]
Example: a bond-heavy fund
Bought 2026 for €2,000 · sold 2028 for €2,500 → gain €500
Interest component (TIS) €40 → Reynders 30% × €40 = €12
Remaining €460 → capital gains 10% = €46
Accumulating bond ETFs are the hardest asset in Belgium
They can attract the 1.32% TOB (if registered in Belgium), the 30% Reynders tax on the bond component, and the 10% capital gains tax on the rest — three layers at once. Tax-Wizard separates them for you.
The TOB (Beurstaks / Stock-Exchange Tax)
Every purchase and sale is subject to the TOB. The rate depends on the instrument, and each transaction is capped.[5]
| Rate | Cap / transaction | Instrument |
|---|---|---|
| 0.35% | €1,600 | Shares; non-EEA ETFs (e.g. US-domiciled) |
| 0.12% | €1,300 | Bonds; distributing & EEA-registered funds/ETFs; turbos |
| 1.32% | €4,000 | Accumulating funds/ETFs registered in Belgium |
Does your broker handle it?
| Broker withholds & files the TOB | You must declare it yourself |
|---|---|
| DEGIRO, Trade Republic, Saxo, BUX, Bolero, Keytrade | Revolut, Trading 212, Interactive Brokers, eToro, Lightyear |
The deadline catches people out
If you self-declare, the return and payment are due by the last working day of the second month after the transaction month (e.g. July trades → end of September), filed via MyMinfin ("Diverse taksen") on the official form nr. 124. Two months can be grouped in one declaration.[4][6]
Crypto
From 2026, crypto gains fall under the 10% tax and are always self-reported — no platform withholds. Crypto-to-crypto swaps are taxable events. Staking rewards are taxed as movable income (30%) when received, and that value becomes the cost basis for later disposals.[1]
Speculation still bites harder
Very active, leveraged or bot-driven trading can be reclassified as speculative miscellaneous income at 33% (+ municipal surcharge) — or as professional income at progressive rates. The 10% regime is for gains within normal management of private wealth. Under DAC8, exchanges report to the tax authority from 2026.
P2P Lending & Crowdlending
Interest from Mintos, PeerBerry, Robocash, Inrento and similar platforms is movable income taxed at 30%, declared in code 1444/2444 (Belgian platforms such as mozzeno and Look&Fin withhold it for you). One catch: losses on defaulted loans are not deductible against the interest you earned.[2]
Your Tax Return, Box by Box
- Vak VII — code 1444/2444: foreign dividends and interest without Belgian withholding (30%).
- Code 1437/2437: reclaim of withholding on your €833 dividend exemption (max €249.90).[3]
- Code 1151/2151: savings interest above the €1,020 exemption (15%).[2]
- Vak XIII — code 1075: tick that you hold foreign accounts and list each broker (holder + country). Register each account once with the National Bank's CAP.
- Capital gains (10%): the assessment-year 2027 codes are published with the 2027 return form — Tax-Wizard reports the figures now and will map them when available.
Deadlines (assessment year 2026 pattern)
Paper return end of June; Tax-on-web (citizen) mid-July; via an accountant/mandate mid-October. The TOB is separate and runs on its own two-month cycle.[2]
Beyond the Basics
Securities-accounts tax (0.30%)
On accounts averaging over €1,000,000, doubled from 0.15% in 2026. Belgian banks withhold; foreign-account holders self-declare.[10]
Written options & derivatives
A premium you receive as an option writer may be taxed as miscellaneous income (~33%) rather than the 10% tax — a genuinely unsettled point; we flag it for review.
Substantial shareholdings (≥20%)
A separate regime with a €1M exemption and progressive rates applies if you hold 20%+ of one company — talk to an adviser.
Moving abroad (exit tax)
Emigration can trigger a charge on unrealised gains, due only if you sell within two years of leaving.
How Tax-Wizard Helps
Upload your Revolut, Trading 212, Interactive Brokers, DEGIRO, eToro or crypto-exchange files and get, as ready-to-use Excel reports: your 10% capital gains computation with the 31/12/2025 step-up and €10,000 exemption, your code 1444/2444 totals for dividends and interest, a crypto sheet, and TOB declaration figures per two-month period — plus a "what goes where" guide for the return.
Informational only — not tax advice. The capital gains tax (Law of 6 April 2026) is recent and the tax authority's guidance is still evolving. Verify your situation with a professional before filing. Last reviewed July 2026.
¿Cuánto vale realmente tu tiempo?
Considera el valor de tu tiempo y la tranquilidad que viene con tener una herramienta confiable y precisa para gestionar tu declaración de impuestos
(el pago cubre la declaración de este año correspondiente a 2025 y años anteriores, renovación manual el próximo año)
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Sources
Official FOD Financiën / SPF Finances pages and the law text are cited first; the rest are reputable tax-firm and broker explainers. Verified July 2026.
- [1] FOD Financiën — Meerwaardebelasting op financiële activa (10%, €10,000 exemption, 31/12/2025 step-up)
- [2] FOD Financiën — Spaargeld en beleggingen (30% RV, codes 1444/2444, savings €1,020)
- [3] FOD Financiën — Vrijstelling dividenden (€833, codes 1437/2437)
- [4] FOD Financiën — Taks op de beursverrichtingen (TOB, deadlines)
- [5] Circulaire 2026/C/42 — FAQ TOB (rates 0.12/0.35/1.32%, caps €1,300/€1,600/€4,000)
- [6] Official TOB declaration form nr. 124 (PDF)
- [7] Tiberghien — meerwaardebelasting & Reynders-taks (art. 19bis, anti-double-tax)
- [8] BDO — Capital gains tax on financial assets in 2026 (step-up, FIFO, weighted average)
- [9] Cazimir — de belastbare grondslag van de meerwaardebelasting (art. 102 WIB92, FIFO)
- [10] Degroof Petercam — Programmawet (securities-accounts tax doubled to 0.30%)
- [11] Curvo — TOB explained (rate matrix, per-broker handling)
- [12] Curvo — Declaring Revolut in Belgium (Belgian IBAN, Lithuanian securities entity)