Taxes
Online trading platform? Beware the tax backlash.
In Belgium, every purchase or sale of securities triggers the stock-exchange tax (TOB). The real question isn’t whether you owe it — it’s who handles it. And the answer depends entirely on your platform.
The stock-exchange tax (TOB), simply: who withholds it?
An intermediary established in Belgium is legally liable for the TOB: it withholds and pays it for you. An intermediary established abroad is not — so it is you, the Belgian-resident investor, who must declare and pay it, unless you can prove it has already been paid.
Where does your platform stand?
| Platform | Withholds the TOB? | Withholds capital gains? | Who handles it |
|---|---|---|---|
| Bolero (KBC), Keytrade Bank, MeDirect, ING, BNP Paribas Fortis, Belfius, Saxo (Belgian branch) | ✅ Yes | ✅ Yes (opt-in, opt-out possible) | The platform — TOB and capital gains withheld at source |
| DEGIRO, MEXEM, BUX, Lynx | ⚙️ Service (often on by default) | ❌ No | TOB by the platform (check your settings); capital gains on you |
| Trade Republic, Revolut, eToro, Interactive Brokers (direct), N26 | ❌ No | ❌ No | You (TOB and capital gains) |
Using Revolut? We covered its case in detail →
If it’s you: here’s what it means
The TOB is declared via form 124, on MyMinfin, and several transactions may be grouped on a single return. Payment is due no later than the last business day of the second month following the month of the transaction, and the return must be filed no later than the payment date. Overlooked or forgotten, the obligation exposes you to penalties.
The penalties
- •Late declaration: €50 per week of delay, capped at the amount of tax due after 52 weeks.
- •Inaccurate or incomplete declaration: 5 times the evaded duty, with a €250 minimum.
- •Late-payment interest: 7% per year, from the date payment was due.
Which rate applies to what?
Three rates exist, and the right one depends less on what you buy than on how the product is registered. For a fund or an ETF, the question is settled in two steps: is the product on the FSMA list, and does the share class you are buying distribute its income or accumulate it?
| Rate | Cap per transaction | Applies to |
|---|---|---|
| 0% | — | Transactions with no professional intermediary; transactions by a non-resident for their own account; issues and subscriptions of securities on the primary market |
| 0.12% | €1,300 | Bonds, savings certificates, government bonds; shares in regulated real-estate companies (SIR/GVV); listed investment funds (sicav) and mutual funds on the FSMA list, distributing units |
| 0.35% | €1,600 | Shares, warrants, subscription rights, real-estate certificates; listed investment funds (sicav) and mutual funds not on the FSMA list |
| 1.32% | €4,000 | Accumulating units: unlisted investment funds (sicav) on sale, listed investment funds (sicav) on both purchase and sale |
These caps correspond to taxable bases of €1,083,333, €457,143 and €303,030 per transaction.
Checking whether a fund is registered
The FSMA publishes the list of collective investment undertakings publicly offered in Belgium, along with the list of their compartments — each one flagged as distributing or accumulating. The files are downloadable in XLSX and PDF form on the FSMA’s CIU page, in two sets: undertakings under Belgian law and those under foreign law. Beware a common misunderstanding: this list contains no rates at all. It is the register that lets you determine the rate — it is not a rate table.
Frequently asked questions
Which rate applies to an ETF?
It depends on two characteristics, not on the ETF itself. If it is on the FSMA list and you are buying a distributing share class: 0.12%. If it is not on the list: 0.35%. If it is an accumulating share class: 1.32%. The same issuer can therefore fall under two different rates depending on which share class you buy.
How do I know whether my fund is on the FSMA list?
By downloading the list of compartments from the FSMA’s CIU page. It comes in XLSX form, so it is searchable. Two sets of files coexist: undertakings under Belgian law and those under foreign law — your fund may well be in the second.
Can I group several transactions on a single return?
Yes. Circular 2026/C/42 provides for it explicitly and gives the example of an investor grouping the transactions carried out in July and August on one return. You therefore do not have to file one return per transaction.
Are the filing deadline and the payment deadline the same?
No, and the distinction matters. The return must be filed no later than the payment date. Payment itself is due no later than the last business day of the second month following the month of the transaction. It is that second date that sets your real deadline.
And it’s not the only obligation
On a foreign platform, the new capital-gains tax and the reporting of your foreign account also rest on your shoulders.
Benchmarkr sheds light
Bring your transactions together: Benchmarkr computes your stock-exchange tax from your aggregated transactions and periodically prepares a view of the taxes you owe. Clarity, continuously.
Estimate my stock-exchange taxSources
- FPS Finance — Tax on stock-exchange transactions
- FPS Finance — TOB & foreign accounts (deadlines, liability)
- Circular 2026/C/42 — TOB FAQ (OECCBB)
- Wikifin (FSMA) — taxes on your investments
- FSMA — collective investment undertakings (compartment lists)
Benchmarkr is an assistance and calculation tool. It does not constitute personalized tax advice. Platform statuses may change — check with your intermediary. Updated: 2026