The agreement, concluded in the early morning of June 30 after two nights of negotiation, releases Prime Minister Bart de Wever from a file that has poisoned his “Arizona” coalition for almost a year. For the Flemish socialist partner that is Vooruit, it was important to have a part of the required budgetary effort of the Belgians. The French -speaking liberals of the reforming movement (MR), which are also part of the power coalition, were not initially.
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The ultimately reached compromise surprisingly resembles the initial content of the government agreement completed on January 31. A capital gains tax will be established at the rate of 10%, beyond an exempt amount of 10,000 euros which will be indexed. The losses will be deductible, while the historic capital gains made before the introduction of the tax, scheduled for January 1, 2026, will be exempt.
A consolation price
A notable exception is planned for entrepreneurs with significant participation of at least 20% in the capital of a company. For the latter, the added value is exempt from tax up to one million euros, with a increasing rate to reach 10% from 10 million euros.
The rate of 10%, never called into question during the negotiations, is confirmed, as well as the ceiling of 10,000 euros that the Flemish Christians of the CD&V had nevertheless proposed to double. The idea of exempting taxpayers with their assets for over ten years, defended by French -speaking liberals and Flemish nationalists, has been abandoned.
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However, these three government partners obtain a consolation price in the form of a typically Belgian compromise: the ceiling will be noted of 1,000 euros per year for maximum years for taxpayers who do no added value during this period. This innovative clause makes it possible to reach a maximum of 15,000 euros of exemption, and therefore to protect the least wealthy of the wealthy.
Preserved anti-evasion measures and savings
To prevent capital from fleeing abroad under the threat of the new measure, the agreement introduces an “exit tax” or “exit tax”, forcing taxpayers to declare their financial assets and the corresponding capital gains during the two years following their domiciliation abroad. This provision must limit tax evasion.
Unlike rumors that had circulated, pension savings products and group insurance will not be affected by the new taxation. It is the coherence of government policy which simultaneously encourages Belgians to subscribe to other pension formulas. It would have been paradoxical to increase the samples while promoting their development.
Government parties save face
The tensions on this file reflected the divergent ideological positions of the coalition partners. Vooruit intended to make the wealthy or supposed such as collective effort. The Flemish Socialist Party has been uncompromising on respect for the initial government agreement.
The MR, traditionally opposed to any increase in taxation, has long resisted before accepting the principle while trying to obtain exemptions, including the ten -year clause. The liberals particularly defended the interests of SMEs and entrepreneurs.
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The CD&V has adopted an intermediate position, demanding an increase in the exemption threshold from 10,000 to 20,000 euros, a claim ultimately rejected. The commitments (French-speaking centrists), by the voice of their ex-president Maxime Prévot, refused a “Gruyère” tax too complex and pierced with exemptions.
The Flemish nationalist N-VA, party of the Prime Minister, had to sail between the requirements of its partners while preserving government cohesion. Bart de Wever finally established himself as the referee of these complex negotiations. He gets out of this passing of weapons, and finds the superb after a heckled month. The positions of the Flemish nationalist on the conflict between Israel and Hamas, as well as its questioning of the Geneva Convention in the migrant file, have earned him many harsh criticisms.
Serious doubts about the expected recipes
The “Arizona” coalition hopes to derive from this tax 500 million euros annually in cruising scheme from 2029. However, this estimate is already the subject of serious doubts. The economist Bruno Colmant, questioned by the French -speaking daily life The eveningexpresses clear reservations: “The capital gains tax will not report what Arizona is waiting for. Worse: this tax will not affect the wealthiest, especially large families, who never sell, but keep control of the business and transfer their actions to their heirs. ”
According to this expert, it is the middle class or the upper middle class which will mainly assume this tax burden, with the risk that the rate is noted later. Bruno Colmant believes that a direct taxation of heritage, in particular by raising the rate of the tax on securities and the widening of his base for nominative actions, would have been more effective to really touch the “widest shoulders”.
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Beyond the yield questions, questions persist on the technical feasibility of this measure. Febelfin, the Federation of the Banking Sector, maintains that the capital gains tax is “simply impossible to implement within January 1, 2026” from an operational point of view. However, time is running out for the government coalition which intends to tear the country from excessive deficit as soon as possible.
Multiple political implications
Finally, this agreement marks an important turning point for the “Arizona” coalition. He frees Bart de Wever from a file that threatened government stability and strengthens his leadership as before, after a series of perilous reforms.
This success should allow the coalition to advance more quickly on future files. Other size challenges are awaiting it, in particular the budgetary work of 2026 and any reforms of pensions or taxation.
