Belgium introduces a wealth tax with new tax on securities accounts
As announced in a previous article, the Belgian government wants to introduce a new tax in succession to the annulled tax on securities accounts. The final draft bill of this new tax has now been submitted to Belgian parliament.
Whereas in the declaration of intent, the new tax was presented as a solidarity tax, as a fair contribution from the persons with the most financial strength, the Belgian government now lays her cards on the table in the final draft bill. The successor of the (annulled) tax on securities accounts will be… a (new) tax on securities accounts 2.0, a wealth tax, not necessarily limited to the persons with the most financial strength.
Belgian financial institutions must prepare for an exodus of foreign investors, Belgian investors will prefer foreign insurance companies over Belgian insurance companies when the tax is introduced.