The Belgian Program Act of July 18, 2025 introduces several changes to the annual tax on securities accounts (JTER), also known as the securities tax. The law now provides for new anti-abuse rules and a reporting obligation for certain transactions.
This was published in the Belgian Official Gazette (Belgisch Staatsblad) on July 29, 2025, and many of the measures also took effect on that date.
A quick refresher: what is the JTER?
The JTER is a tax of 0.15 percent on the average value of securities held in a securities account. The tax applies only if the value of the securities account during the reference period (October 1 – September 30) exceeds 1 million euro.
Why new rules?
In 2022, the Constitutional Court annulled two earlier anti-abuse provisions because they were too strict: they relied on an irrefutable presumption of tax abuse. According to a report by the Court of Audit, that annulment reduced the revenues generated by the tax.
Lawmakers are now introducing two new, more refined rules. The difference? The presumption of abuse still exists, but it is rebuttable: taxpayers can demonstrate that their transaction was primarily driven by a motive other than avoiding the tax.
Two risk situations
From now on, the tax authorities will look more critically at:
- Conversions of securities
For example, when securities are transferred from a securities account to a share register (without changing the financial instrument itself). This applies only if the securities account held more than 1 million euro before the conversion. - Partial transfers
When only part of the securities are moved to another account (not the entire portfolio). Condition: here too, the account must have exceeded 1 million euro before the transfer and the same person must be the holder or co-holder of both accounts.
New reporting obligation
What’s new is that the transactions described above must be reported to the tax authorities.
Who reports?
Belgian intermediaries and foreign financial intermediaries for whom a liable representative has been appointed must file the report themselves. For foreign accounts held with a financial intermediary that has not appointed a representative, the obligation falls on the account holder.
When to report?
No later than the last day of the month following the end of the reference period in which the transaction took place—so, in principle, in October. For the reference period October 2024 – September 2025, the deadline is extended to December 31, 2025.
How to report?
Specific forms for this purpose still need to be approved by royal decree.
Penalties for non-reporting
Fines ranging from 250 to 2,500 euro are foreseen, unless the taxpayer acted in good faith.
What does this mean in practice?
- For Belgian accounts or foreign accounts with an appointed liable representative: the bank or intermediary will handle the reporting, but it is advisable to inform them in advance of major transactions.
- For foreign accounts without a liable representative: the foreign account holder must act personally. Important: the reporting obligation for the reference period October 2024 – September 2025 must already be met by December 31, 2025. This is much earlier than the JTER filing deadline, which falls on July 15, 2026. The foreign account holder must therefore gather the relevant information sooner than usual.
- Borderline cases? In situations where the transaction is not intended as tax abuse and can primarily be justified by another motive than avoiding the JTER, it may be useful for Belgian intermediaries and foreign intermediaries with a liable representative to request a ruling in advance. This can help avoid incorrect reports, disputes with clients, and fines.
Practical advice
Belgian residents (individuals, legal entities, and companies) with a securities account exceeding 1 million euro who are planning a partial transfer or conversion should contact their financial institution or advisor in due time to determine whether reporting is required and whether additional documentation may be advisable.
Dirk Coveliers is a partner at LLJ (Lallemand, Legros & Joyn) and a member of the expert panel of Investment Officer. He is also editor-in-chief of the Journal of Investment Taxation. The above is general information only and cannot serve as advice for a specific situation.