The Belgian Tax on Stock Exchange Transactions (TOB) applies to secondary market transactions involving shares and equity securities. As of 2025, the standard rate for share transactions is 0.35%, with a maximum cap of €1,600 per transaction. This rate applies to both purchases and sales of equities listed on regulated markets, as well as over-the-counter transactions.

The TOB is automatically withheld by Belgian financial intermediaries when they execute or intermediate the transaction. For transactions executed through foreign brokers, Belgian residents must self-declare and pay the tax via their annual tax return. The tax base is the transaction value excluding any broker fees or commissions.

Certain transactions are exempt from TOB, including intra-group share transfers, contributions in kind, and transactions in specific investment vehicles like UCITS funds. Primary market transactions (initial public offerings, capital increases) are also excluded from the tax scope.

Investors should factor TOB costs into their trading strategies, particularly for high-frequency trading or large-volume transactions where the cumulative tax burden can significantly impact net returns. The capped maximum provides some relief for institutional investors executing large block trades.

For comprehensive guidance on TOB compliance, exemptions, and reporting obligations, see our Belgian TOB Guide.

This content is for informational purposes only and does not constitute legal or tax advice. Always consult a qualified tax advisor for matters specific to your situation.