While reading the preparatory works of the draft law of 3 July 2025, I came across one of my statements in April 2025 in De Tijd ( [1]) on the new 5% capital gains realised upon an exit of a DRD Bevek (SICAV RDT / DBI Bevek) (Preparatory works, House of Representatives, 2025-2026, 0963/019, p. 53. Report of 14 October 2025 on the first reading of the draft bill by the Finance Commission [2] ).
🔅 In a nutshell, it is quite clear that the 5% capital gains tax will (very) rarely apply, as it only only covers ‘secondary market transactions’ .
▶️ In practice, when a Belgian company (management company, holding company,…) exits the RDT SICAV, this usually takes the form of a redemption of own shares by the RDT SICAV. The capital gain realised upon such redemption is not caught by the new tax and will (at least to a large part) remain exempt from corporate income tax (to the extent that the underlying income received by the SICAV consists of qualifying dividend and capital gain income, cfr. proportionate application of the DRD regime). For more developments on this new tax, see also my previous posts.
😯 The Minister of Finance replied that this new capital gains tax faithfully reflects the government agreement and pursues a budgetary objective (see page 131).
🙀 Not sure that this new measure will generate much tax revenue for the federal governement…!
[1] https://www.tijd.be/netto/news/sparen-en-fondsen/wat-betekent-de-meerwaardebelasting-van-5-procent-op-dbi-fondsen/10602741.html
