The new capital gains tax will take effect on 1 January, starting with a transitional regime, Finance Minister Jan Jambon confirmed on Monday.
From the beginning of the year until the law is officially enacted, banks will not deduct the tax during the sale of financial assets unless clients explicitly request it. In such cases, taxpayers will have to declare the capital gains in their tax filings.
According to the financial sector federation, Febelfin, this arrangement will create significant challenges for clients, unprecedented burdens for banks, and considerable legal uncertainty for all taxpayers.
Febelfin expressed concern on Tuesday over potential legal issues, including the risk of discrimination between taxpayers under the transitional regime.
The federation wondered how switching banks during the transitional period might affect clients. For instance, a client making gains before the official enactment of the law may face uncertainty regarding whether to engage with the old or new bank to opt into the system.
Febelfin is also worried about its ability to adequately inform and assist clients in the coming months, given the many unanswered questions and the unstable legal framework.
It has called for the law to take effect on the first day of the month following its official publication, which would help to avoid a complex transitional regime with uncertain legal validity.
