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1. Capital gains tax on financial assets: a new regime from 1 January 2026
The eye-catcher is the introduction of a capital gains tax on financial assets for natural persons (shares, bonds, funds or ETFs, trackers, crypto, …) outside the professional context. The government calls it a ‘solidarity contribution’. The starting date in the agreement is 1 January 2026. According to the most recent update the starting date remains unchanged, even though parliamentary approval will only follow later.
What have we learned since November?
Based on the most recent political notes and draft bills:
· Rate: 10% on realised capital gains.
· No retroactivity: only capital gains built up from 1 January 2026 will be taxed so the value as at 31 December 2025 will be the starting point.
· Exemption for the first €10,000 in annual capital gains (indexed).
· Losses in the same year are deductible but cannot be carried forward to later years.
· (No) long term incentive: draft texts also mention a transferable exemption of €1,000 per year, cumulative up to a maximum of 5 years, and earlier there was mention of an exemption after 10 years of holding, with exceptions for substantial shareholdings. The most recent statements and rumours following the draft texts approved within the government this past weekend indicate that only the transferable exemption of €1,000 per year would be retained, while the 10-year holding period would no longer give rise to an exemption.
· Key detail:
- The final capital gains framework provides for a withholding at source (deduction by the financial institution). Those who believe they are entitled to an exemption will have to request it by reclaiming the withheld tax in part or fully through their annual personal income tax return. Update December 2025: collection & transitional arrangement
Opt-in & opt-out
As the law will not yet be in force on 1 January, banks will not yet be able to apply the tax ‘by default’ at a technical level. For that reason, the cabinet of Minister of Finance Jan Jambon (N-VA) has drawn up a transitional arrangement:
· For sales between 1 January 2026 and the entry into force of the law, the bank would not automatically withhold the tax unless specifically requested by the client (opt-in);
· From the moment the law enters into force, banks would withhold the tax by default, but with an option for the taxpayer to request that no withholding be applied. Upon explicit request, the bank will then not withhold the tax (opt-out) but the investor must subsequently declare the tax in their personal income tax return. In that case, a 281 tax form would also be prepared by the bank and shared with the tax authorities.
Why this is important: this shifts part of the responsibility to the investor (and to the operational capabilities of the bank) in 2026.
Anonymity
Ordinarily, an investor remains anonymous to the tax authorities thanks to the ‘automatic withholding at source’. As a result of the transitional arrangement, or because of an opt-out, the bank may decide not to withhold the tax. In that case, you must declare the taxable capital gain yourself in your personal income tax return, which means the anonymity no longer applies.
Interestingly, this also means that an investor who wants to claim an exemption must always give up their anonymity. For exempt capital gains, this creates a choice: either taxed and anonymous, or exempt but visible.
Special regime for ’substantial shareholding’
For anyone holding at least 20% in a company or participation, a separate regime remains, with a broad exemption followed by progressive rates above a higher threshold. This regime is mainly intended for company directors or families with a large participation who are looking to sell at some stage.
In concrete terms:
Private investors will feel this mainly when they realise gains regularly. The €10,000 exemption absorbs much of it, but anyone generating structurally higher gains (e.g. via active portfolios or crypto-realisations) will need to make fiscal adjustments.
Company directors with exit plans (share sale, investor entry, transfer within the family) need scenario calculations early in the process: the timing of a sale and the precise qualification as a ‘substantial shareholding’ become more important.
In particular, 2026 will be a year in which timing and the administrative approach (withholding vs. self-declaration) may play a greater role than investors are used to.
Anyone with emigration plans since this capital gains tax, or solidarity contribution, may also be felt upon departure to sunnier or less sunny destinations.
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2. Securities tax: rate doubled and stricter rules
The budget agreement provides for an increase in the securities tax. The proposed rate is 0.30% for securities accounts with an average value above €1,000,000. In addition, the government wants to tackle avoidance more strictly, with new anti-abuse provisions, an obligation to report certain conversions or transfers and expanded supervision of large accounts.
Impact in layman’s terms:
As from 2026, anyone with a large private portfolio will face two fiscal layers:
an annual tax on their securities account at 0.30% and a
10% capital gains tax on realised gain.
This makes periodic optimisation (timing, diversification, structuring) more effective again than simply letting things run.
3. Taking money out of the company: new puzzles but new opportunities
A second major point is the reform of the classic distribution routes for company directors. The agreement supports SME entrepreneurship while aiming to prevent profit from flowing to private assets ‘too cheaply’.
VVPRbis remains (but 3% extra …)
VVPRbis still remains in place for small companies. Conversely, the rate would increase by 3% from 2026. Anyone meeting the conditions will therefore be able to distribute dividends at 18% withholding tax instead of the earlier 15%.
Liquidation reserve: shorter waiting period (and therefore quicker access)
The liquidation reserve remains but the parameters are redesigned. The political texts refer to:
· retention of the 10% anticipatory levy upon creation
· reduction of the waiting period (3 years instead of 5) but afterwards a ‘slightly higher’ reduced rate to reach an effective rate of 18%, also for liquidation reserves distributed during the lifetime
· the additional levy of 20% withholding tax (total effective rate 27.27%) for early distribution remains intact, just like the exemption from the final levy in case of company liquidation
Why this is important
The liquidation reserve becomes usable more quickly. This gives company directors additional flexibility to:
· make private investments (property, building a portfolio)
· build a safety buffer
· or shape a pension strategy more quickly
· with a choice between distribution after 5 or 3 years for old liquidation reserves, at a lower or slightly higher final levy
So the message remains the same: the optimal mix is very case-dependent. The choice between salary, VVPRbis dividend and the (new) liquidation reserve will have to be evaluated on a bespoke basis again, taking into account cash planning and future plans.
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4. Corporation tax: SME-friendly but stricter at the gate
Reduced rate remains, conditions are tightened
The agreement keeps the reduced corporation tax rate for SMEs but introduces stricter conditions, mainly regarding company director remuneration. The draft notes increase the minimum remuneration to €50,000, indexed annually, and limit the share of flat-rate valuation of benefits in kind (think ‘company car benefit’, ‘heating benefit’, but also ‘share option benefit’).
In concrete terms: anyone who pays out too little salary, or too high a share of remuneration in ‘flat-rate valuation of benefits in kind’ can lose the benefit and falls back to the normal rate.
DBI regime becomes stricter (mainly for larger groups)
The DBI deduction evolves towards an exemption system with stricter conditions (higher participation threshold, focus on genuine ‘financial fixed assets’). This mainly affects large holdings and passive participations.
A particular element here is that a minimum remuneration would also apply to this DBI regime. Failure to meet this requirement would mean that withheld withholding tax from DBI fund income would no longer be creditable.
Investments and depreciation: support for SMEs
The increased thematic investment deductions for SMEs would be broadened and harmonised, with unlimited carry-forward of the deduction, helping investments yield fiscal benefits more quickly.
Hybrid cars: phase-out continues
The phase-out of the tax deduction for hybrid cars continues according to a multi-year trajectory, in line with the greening of the vehicle stock. While ‘extra time’ is provided for sole traders, the definitive phase-out for hybrid cars for companies is confirmed. From 2026, only electric vehicles will generate tax deductible expenditure, with the exception of vehicles purchased or ordered before 30 July 2023.
5. Personal income tax and the self-employed: work and entrepreneurship should yield greater rewards
The government wants to support entrepreneurs and widen the gap between working and not working. This translates into lower burdens and simplification of the personal income tax.
For the self-employed three concrete measures are on the table:
flat-rate entrepreneurial deduction (percentage of profit),
abolition of the penalty for insufficient advance payments,
declining balance depreciation would be possible again.
Additionally, steps are being taken to strengthen pension build-up and harmonise the rules for the self-employed (Private Supplementary Pension for the Self-Employed (VAPZ), Individual Pension Commitment (IPT), Pension Agreement for the Self-Employed (POZ) and the 80% rule).
What does this mean?
For start-up entrepreneurs and liberal professions this offers more breathing space in cash flow, while advance payments become easier and more attractive. For company directors this also creates room to re-evaluate salary and dividend.
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6. VAT: no general increase but targeted adjustments
The government is abandoning a general VAT increase, opting instead for more targeted adjustments per sector or product group, among others with continued focus on property and the energy transition.
For demolition/reconstruction and energy investments, policy continues to evolve towards:
· incentives for low-emission renovation,
· discouragement of fossil fuel solutions.
Conversely, ‘harmonisation’ will be implemented (read: VAT increases) whereby several services currently subject to 6% VAT will be taxed at 12%. This includes ‘accommodation’ (hotel or camping), takeaway meals, non-alcoholic drinks and various leisure activities.
Impact for entrepreneurs:
VAT planning becomes even more important, not just for property and renovation projects but also in other ‘impacted’ sectors. Timing and type of works on the one hand and correct pricing on the other often make the difference between profit and additional cost.
7. Other taxes as well
Decisions were also taken on less visible taxes and levies, which may have an impact but may also offer additional opportunities.
Among others:
· a ‘parcel tax’ of €2 per parcel for shipments from non-EU web shops
· an increase in the flight tax to €10 per flight (regardless of distance)
· an increase in excise duty on natural gas and other fossil fuels, balanced by a small decrease in excise duty on electricity/ impact for entrepreneurs/ ...
8. Broader economic context: labour market and social expenditure
The broader budget choices also influence the business environment. The agreement includes:
· stronger activation on the labour market,
· further limitation of unemployment benefits over time,
· adjustments in benefits and pension expenditure to structurally ease the budget.
Why is this a factor? Because this indirectly affects:
· wage cost and index pressure,
· availability of talent,
· purchasing power and consumption (crucial for many SMEs).
What do we recommend?
Review your dividend strategy.
VVPRbis remains attractive but the new liquidation reserve timing can speed up your cash flow. Updating your payout plan before 2026 is advisable.
Have your remuneration mix checked.
The stricter minimum remuneration can determine whether your company keeps the reduced rate. Optimising without losing that benefit becomes more important.
Test your investment and exit scenarios.
The combination of the capital gains tax and securities tax changes the rules for private wealth and anyone selling a participation will want to do so with fiscal control, not post-correction. In 2026, also take into account the practical handling (bank withholding or self-declaration), especially if you want to claim your exemption or if anonymity is important.
Ensure your capital gains tracking is ready.
2026 will be a transitional year. Keep a detailed record of your purchase history, costs and, where necessary, the 2026 opening value, especially if you invest across multiple banks or actively realise gains. This will help avoid surprises when filing your tax return and ensure you can correctly utilise your exemption.
The accountants of PIA Group and experts of PIA Advisory are following developments closely and are ready to provide support as soon as the legislative texts are published. Do you have questions at this point or matters you wish to discuss? Do not hesitate to contact us. We will gladly assist you.
