International Tax Monitor: Belgian Tax on Securities Accounts Misses Target on Wealthy

14/12/2017 | Tax | Denis-Emmanuel Philippe
A draft law aimed at introducing a 0.15 percent tax on a type of financial account widely used by investors does too little too late to affect the highnetworth individuals it was designed to target.
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Denis-Emmanuel Philippe, a lawyer at the Bloom Law firm, cast doubt on the revenue the government expects the new levy to raise—254 million euros—because lawmakers made minor, but insubstantial tweaks in response to the Council of State's non-binding advisory opinions. He told Bloomberg Tax Dec. 12 that the law is still highly likely to be quashed by Belgium's Constitutional Court, so it would never succeed in raising the projected revenues. “The government only made some tweaks to the proposal, but a lot of areas of attention remain in the scheme as it stands today,” he said.

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