Michel Maus en myself have published in the financial newpapers De Tijd and L’Echo a critical opinion on the preliminary tax bill concerning the new capital gains tax.
Even if the partners of the new coalition are able to reach agreement on the new capital gains tax, it can be expected that several actions for annulment will be brought before the Constitutional Court.
One issue arising is whether the difference in the tax treatment between the capital gains realised (i) by “ordinary” shareholders and (ii) shareholders holding a substantial shareholding (>20%) holds water. Can objective and reasonable explanations be given to justify such unequal treatment? And is the differential treatment proportionate to the legitimate aim pursued ?
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Denis-Emmanuel Philippe & Michel Maus
