October 05, 2020
14:59
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Reluctantly, the liberals admit that they are aiming for a new securities tax for those with a portfolio of more than 1 million euros. But how or what, Minister of Finance Vincent Van Peteghem (CD&V) must find out.
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No capital gains tax, nor a securities tax. Open VLD chairman Egbert Lachaert was given this guarantee when, as a preformer, he and his sp.a colleague Conner Rousseau made an ‘agreement note’ on an A4, on the basis of which the Vivaldi negotiations could restart.
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It has been agreed in the government negotiations that a contribution will be requested from the strongest shoulders, what the Greens already call the ‘strong shoulder tax’. It was heard in government circles that it would be a transaction tax, which Lachaert also indicated in a weekend interview with De Tijd. ‘We don’t want a property register, so we will have to look for solutions in which the money is taxed at the source, for example when a transaction is made,’ says Lachaert.
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We ask for a contribution from the highest powers. Not on transactions.
Paul Magnette
PS chairman
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But in De Standaard PS chairman Paul Magnette contradicted that it would be a tax on large transactions. “That’s not right,” he says. ‘We ask for a contribution from the highest powers. Not on transactions. But you will have to turn to the Minister of Finance for more information. ‘
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Above 1 million euros
The liberals admit in a response that it may have been somewhat misleading to speak of a transaction tax, because the intention is to resume the securities tax for those who have a portfolio above 1 million euros. The securities tax was introduced by the Michel government for those who had a portfolio for more than half a million euros, but has been rejected by the Constitutional Court.
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It will now be up to the Minister of Finance Vincent Van Peteghem to see how this securities tax can be recovered, and whether it will be a tax on the possession of a securities portfolio of more than 1 million euros or on transactions from such a portfolio. . In the latter case, such a securities tax would be on top of the existing stock market tax, while the stock tax in Belgium is already among the highest in the world.
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Will there be a new securities tax on the possession of a securities portfolio of more than 1 million euros or on transactions from such a portfolio?
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In addition, care must also be taken that a new securities tax remains within the contours outlined by the Constitutional Court. Because there was too little time during the government negotiations to work out everything down to the last detail. Van Peteghem will have to put a proposal on the government table by the next budget check.
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Discrimination
A revival of the securities tax that can withstand the test of the Constitutional Court is possible, Vivaldi’s Sherpas say. But then the securities tax could not be limited to bearer shares, and the tax would only have to be paid on amounts above 1 million euros. This would remedy the discriminatory nature of the securities tax, as elaborated by the Michel government.
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The previous securities tax discriminated between registered and bearer shares. Registered shares are listed in a company’s share register. Many business owners have registered shares in their company. Bearer shares are tradable on the stock exchange. However, many small investors had also had their listed shares converted into registered shares in order to avoid the tax. Another discrimination was the determination of the limit amount. Those who had 1 euro more than half a million paid the tax on their entire portfolio, those who had 1 euro less paid nothing.
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A securities tax, which also applies to registered shares, soon threatens to run into a political veto by the liberals.
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But a securities tax that also applies to registered shares threatens to run afoul of a political veto by the liberals. They absolutely want to avoid naming securities being targeted, ‘because then the SME owner comes into the crosshairs’, you can hear.
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