What does the capital gains tax mean for you as an entrepreneur?

In principle, capital gains tax is payable on the transfer for consideration of financial assets by natural persons and entities subject to the legal entities tax (non-profit organizations, private foundations, etc.), unless these entities are able to issue tax certificates for donations received. It does not apply to companies or to non-residents of Belgium.

The taxable capital gain is the difference between the sale price received and the (tax) acquisition value. For companies existing on December 31, 2025, the value of the (shares of the) company on that date is considered the (tax) acquisition value. The law provides for various valuation methods for this purpose. You can find more information in our FAQ.

Capital losses are deductible, but only during the year in which they were realized and within the same category. Any balance cannot be carried forward to the next taxable period.

This category targets the so-called “internal capital gains” on sale, i.e. the capital gains realized on the sale of shares and profit-sharing certificates by you as a shareholder to a company that you control yourself or together with your family, whether directly or indirectly. A typical example is the sale of the shares of your operational company to a (holding) company of which you yourself are a (co-)shareholder.

Internal capital gains can also arise from the contribution (rather than sale) of shares, but the tax legislator has already intervened in this area in the past, with the result that these transactions are no longer targeted here.

There are no exemptions within this category. Internal capital gains must be declared in the income tax return of the natural person/legal entity and will be taxable at 33%. 

For this category to apply, you must directly hold shares that give you at least 20% of the rights in the capital of the company whose shares are being transferred. It is irrelevant whether the company is Belgian or foreign, or to whom you are selling.¹.

Specifically for this category, a tax exemption applies to the first tranche of EUR 1,000,000.00 in capital gains. This is the maximum exemption that can be used over a period of five consecutive years if several significant interests were sold at a capital gain during that period.

In de mate dat de meerwaarde niet kan vrijgesteld worden, speelt een getrapte tariefstructuur:

As in the previous category, the capital gains realized on significant interests must be included in the income tax return of the natural person/legal entity.

This category is the residual category: in other words, it applies if a capital gain on financial assets has been realized that cannot be taxed under either of the two previous categories.

A typical example here is capital gains realized in a securities portfolio. However, this category will also apply in the event of the sale of a minority interest (i.e., less than 20%) in a family business.

The rate in this category is 10%. There is an annual exemption of €10,000.00, which – if it remains (mostly) untouched for five years – can amount to a maximum of €15,000.00. In principle, the tax is withheld by the bank (provided it is aware of the sale of the minority interest), unless you have chosen to arrange this yourself via your income tax return. You can find more information in our FAQ. 

^{1. Please note: sales to non-EEA companies are subject to a separate rate of 16.5%.}