🇧🇪ETF taxation
ETF taxation in Belgium (2026)
Everything a Belgian investor needs to know in 2026: the TOB, the new 10% tax on capital gains, dividend withholding and the choice between accumulating and distributing ETFs.
The TOB (stock exchange tax)
Each purchase and sale of an ETF is taxed by the TOB. The rate depends on the fund type:
| ETF type | TOB rate | Cap |
|---|
| Accumulating registered in Belgium | 1,32% | 4,000 € |
| Accumulating not registered | 0,12% | 1,300 € |
| Distributing | 0,12% | 1,300 € |
| ETC (commodities) | 0,35% | 1,600 € |
Tip: an accumulating ETF not registered in Belgium is taxed at only 0.12% instead of 1.32%. Check the fund's registration before buying.
The 10% tax on capital gains (new in 2026)
Since 1 January 2026, Belgium applies a 10% tax on financial gains (stocks, ETFs, crypto, derivatives).
- Annual allowance of €10,000 per taxpayer (€20,000 for a jointly held securities account / couple).
- Unused allowance: +€1,000 carried over to the next year, up to a cap of €15,000.
- For securities purchased before 2026, the gain is calculated from the value on 31 December 2025, not the purchase price.
Below €10,000 in net gains per year, your capital gains therefore remain exempt.
Accumulating or distributing ETF in Belgium?
This is the key question for a Belgian investor:
- Accumulating: dividends are automatically reinvested in the fund. They escape the 30% withholding tax. This is generally the most advantageous during the accumulation phase.
- Distributing: dividends are paid out and subject to the 30% withholding tax. Good news: the first ~€833/yr of dividends are exempt (indexed amount, recoverable via your tax return).
Summary: in Belgium, the accumulating ETF is often preferred to avoid the 30% withholding on dividends. The simulator automatically applies the right taxation based on your choice.
Regulator: FSMA.
Frequently asked questions
What is the TOB on an ETF in Belgium?
The TOB ranges from 0.12% to 1.32% depending on the ETF type: 1.32% for an accumulating one registered in Belgium, 0.12% for a distributing or a non-registered accumulating one.
Does the 10% capital gains tax apply to ETFs?
Yes. Since 2026, ETF gains are taxed at 10% above an allowance of €10,000/yr per person (€20,000 jointly held).
Accumulating or distributing: which to choose in Belgium?
The accumulating one avoids the 30% withholding tax on dividends and is often preferred during accumulation. The distributing one suits the income phase.
⚠ Educational content, up to date for 2026, verified via official and specialised sources. Not tax or investment advice; taxation depends on your situation and may change.