Update: The impact of the Arizona government measures on investment products & services

A few weeks ago, we shared our initial take on the upcoming changes in the Belgian investment landscape. One area is already under the spotlight: the securities account tax.

Disclaimer

This content provides an outline of the expected government measures and their potential impacts on the investment products and services landscape.

Please note that these measures are subject to change, this overview is intended to give a look of what “might happen” based on what is written in the Arizona government measures.

Belgium Tightens Rules on Securities Account Tax

As announced on April 22, 2025, the Belgian government is stepping up its fight against tax avoidance :

• Since 2021, a 0.15% tax applies to securities accounts exceeding €1M.

• Despite rising wealth, tax revenues dropped from €470M (2022) to €362M (2023).

• Authorities suspect growing tax avoidance tactics are to blame. 

Common Tax Avoidance Strategies

How are investors Avoiding the Tax?

• Splitting assets across multiple securities accounts

• Converting to registered (non-taxed) shares

• Temporarily removing funds during assessment periods

Government Response

What's Changing?

• New anti-abuse rule: Presumes avoidance in specific actions (e.g., splitting accounts) unless taxpayer proves otherwise

• Increased audits:

  • Focused on large institutions

  • Use of cross-border account data

Objective: Restore tax compliance and close the €100M+ revenue gap.