Market Taxation Guide - Belgium (Securities held in CBF)

15.06.2022

This Market Taxation Guide (Belgium) provides the following details:

  • Reference information about all taxes applied at source, through Clearstream Banking1 and its local depositories, to securities deposited in Clearstream Banking; and
  • Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through Clearstream Banking.

New and improved tax information and procedures that become available will be included on an ongoing basis.

Important note:

Due to shorter deadlines imposed by law, the availability of relief at source and quick refund in Belgium depends on each issuer and on the paying agents. All customers will receive the service on a “best efforts” basis upon confirmation, at event level, depending on the paying agent.

RAS and QR payments will be processed once the funds have been received from the paying agent.

Important note:

This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered to be legal advice on any subject matter. Readers of this Market Taxation Guide, whether customers or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.

Withholding tax

Debt securities integrated into the X/N system of the National Bank of Belgium (NBB)

Clearstream Banking operates an X account (exempt account) in the NBB’s X/N system such that, from a fiscal point of view, all customers that hold NBB-eligible securities through Clearstream Banking must do so exclusively on behalf of beneficial owners (including themselves, if applicable) that qualify for exemption from Belgian withholding tax.

The standard rate of withholding tax is 0% and no relief or reclaim procedure is applicable.

Holding restriction?

Withholding tax rate

Relief at
source

Quick
refund

Standard
refund

Yes

0%

N/A

N/A

N/A

Debt securities deposited with Euroclear Belgium - ESES2

Holding restriction?Withholding tax rateRelief at
source
Quick
refund
Standard
refund

No

30%3

Residents of Double Taxation Treaty (DTT) countries

No

Yes

Yes

Supranational or international organisations

No

Yes

Yes

Equities

Holding restriction?Withholding tax rateRelief at
source
Quick
refund
Standard
refund

No

30%3

Residents of Double Taxation Treaty (DTT) countries

No

Yes

Yes

Supranational or international organisations

Yes

Yes

Yes

Non-resident pension funds

No

No

Yes

Foreign companies holding “qualifying” participation

Yes

Yes

Yes

Foreign bonds and foreign equities

The standard rate of withholding tax is 0% and no relief or reclaim procedure is applicable.

Capital gains tax

There is no capital gains tax withheld through Clearstream Banking on securities held in Clearstream Banking. Capital gains tax may however be payable on specific gains. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.

Stamp Duty

There is no stamp duty withheld through Clearstream Banking on securities held in Clearstream Banking. Stamp duty may however be payable on specific transactions. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.

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1. "Clearstream Banking” refers collectively to Clearstream Banking S.A. and Clearstream Banking AG (for Clearstream Banking AG customers using Creation accounts).
2. ESES=Euroclear Settlement for Euronext zone Securities.
3. 25% on income paid from 1 January 2013 to 31 December 2015, 27% on income paid from 1 January 2016 to 31 December 2016.