Tax shelter firms raised €133 million in 2022

Tax shelter firms raised €133 million in 2022
Credit: Belga

Belgium's four main tax shelter companies together raised some €133 million last year for investment in sectors such as film and the performing arts, according to data from the four: BNP Paribas Fortis Film Finance,, Beside Tax Shelter and uFund.

The Tax Shelter system is a framework that allows taxpayers to deduct 25% to 45% of the amount they invest in eligible enterprises from the tax payable on their revenue. The culture industry is one of the sectors that can receive tax exemptions.  This is usually done through intermediaries such as the big four.

Last year, BNP Paribas Fortis Film Finance, for example, raised €35 million and helped finance 90 projects.

ING’s, which reported growth of more than 13% over 2021, raised €34.5 million and contributed to 265 projects.

Beside Tax Shelter, the former Belga Films Fund, raised €32 million for 111 projects.

Finally, UFund managed to raise €31.3 million, 8.3% more than the previous year. It funded 117 projects.

This year, for the first time, games will also be eligible for financing through the tax shelter system.

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