Belgian TOB (Beurstaks) in 2026: Rates, Calculations, and Filing Explained

Introduction: What is TOB and Why Does It Matter?

If you invest through a foreign broker like Interactive Brokers, DEGIRO, Trade Republic, or eToro, there is one Belgian tax that you absolutely must understand: the TOB, short for Taks op Beursverrichtingen, or Beurstaks in everyday Dutch. In English, this translates to the "Tax on Stock Exchange Transactions" or simply the Belgian stock exchange tax.

Unlike many countries that have abolished transaction taxes, Belgium still levies the TOB on every purchase and sale of eligible securities. The tax applies regardless of where the stock exchange is located. Whether you buy Apple shares on the New York Stock Exchange, an ETF on the Irish Stock Exchange, or Belgian stocks on Euronext Brussels, the TOB kicks in.

Here is the challenge: Belgian brokers like Bolero, Keytrade Bank, BNP Paribas Fortis Investing, and ING automatically withhold and pay the TOB on your behalf. However, foreign brokers do not. This means if you use Interactive Brokers, DEGIRO, Trade Republic, eToro, or any other platform not registered in Belgium, you are personally responsible for declaring and paying this tax yourself.

Many Belgian investors discover the TOB obligation only after using a foreign broker for months or even years. Suddenly realizing you have unpaid taxes can be stressful. But do not panic. This guide will walk you through everything you need to know about the TOB in 2026, from understanding the rates and caps to calculating exactly what you owe and filing correctly through MyMinfin.

By the end of this guide, you will understand:

• Which securities are taxable and at what rates
• How to calculate TOB for any transaction, including examples with real numbers
• The monthly declaration and payment process
• Deadlines and what happens if you miss them
• Common mistakes and how to avoid them
• How Belgian Tax Calculator can automate this entire process for you

Ready to see how much TOB you owe? Import your broker transactions and get your calculations in seconds.

Who Must Pay TOB?

The TOB applies to Belgian tax residents who buy or sell securities through a broker, whether Belgian or foreign. The key distinction is:

Belgian brokers (automatic withholding):

• Bolero (KBC)
• Keytrade Bank
• BNP Paribas Fortis Investing
• ING Belgium
• Belfius
• MeDirect Belgium

These brokers automatically calculate, withhold, and pay the TOB on every transaction. You do not need to do anything.

Foreign brokers (self-declaration required):

• Interactive Brokers (IBKR)
• DEGIRO
• Trade Republic
• eToro
• Scalable Capital
• XTB
• Plus500
• Any other broker not registered in Belgium

If you use any foreign broker, you must declare and pay the TOB yourself. There is no minimum transaction amount or de minimis threshold. Even a €50 trade triggers the tax obligation.

Corporate Accounts

Companies and legal entities registered in Belgium are also subject to TOB when they trade securities. The rates and procedures are identical to individual investors.

Exemptions

Certain transactions are exempt from TOB:

• Primary market purchases (IPOs, new bond issues)
• Transactions between professional market makers
• Some pension fund transactions
• Transactions executed outside a regulated market by Belgian financial institutions

For most retail investors, these exemptions rarely apply. If you buy or sell through your broker platform, you likely owe TOB.

Understanding TOB Rates: The Three Categories

Belgium classifies securities into three categories, each with its own tax rate and transaction cap. Understanding which category applies to your investment is essential for accurate tax calculation.

Category 1: Stocks and Similar Securities (0.35%)

Rate: 0.35% of the transaction value Cap: €1,600 per transaction

This category includes:

• Individual stocks listed on any stock exchange worldwide
• Belgian stocks on Euronext Brussels (AB InBev, KBC, UCB, Solvay, etc.)
• US stocks (Apple, Microsoft, Tesla, Amazon, etc.)
• European stocks (ASML, LVMH, Siemens, etc.)
• Depositary receipts (ADRs, GDRs)

Example 1: Buying Apple stock

You purchase 50 shares of Apple at $180 per share. The total transaction value is: 50 × $180 = $9,000

Converting to EUR at 0.92 EUR/USD = €8,280

TOB calculation: €8,280 × 0.35% = €28.98

Since €28.98 is well below the €1,600 cap, you pay €28.98 in TOB.

Example 2: Large stock purchase hitting the cap

You buy Belgian shares worth €500,000.

TOB calculation: €500,000 × 0.35% = €1,750

However, the cap is €1,600. Therefore, you pay only €1,600 in TOB (the cap applies).

Category 2: ETFs, Bonds, and Distributing Funds (0.12%)

Rate: 0.12% of the transaction value Cap: €1,300 per transaction

This category includes:

• Most ETFs (regardless of domicile)
• Government and corporate bonds
• Distributing (dividend paying) investment funds
• Money market instruments

Most popular ETFs fall into this category, including:

• iShares Core MSCI World (IWDA)
• Vanguard FTSE All-World (VWCE)
• iShares Core S&P 500 (CSPX)
• iShares MSCI Emerging Markets (IEMG)
• Vanguard S&P 500 (VUSD)

Example 3: Buying IWDA ETF

You invest €10,000 in the iShares Core MSCI World ETF (IWDA).

TOB calculation: €10,000 × 0.12% = €12

You pay €12 in TOB.

Example 4: Large ETF purchase

You invest €1,500,000 in a broad market ETF.

TOB calculation: €1,500,000 × 0.12% = €1,800

However, the cap is €1,300. Therefore, you pay only €1,300 in TOB.

Category 3: Belgian Registered Accumulating Funds (1.32%)

Rate: 1.32% of the transaction value Cap: €4,000 per transaction

This higher rate applies specifically to:

• Accumulating (capitalizing) investment funds registered in Belgium
• These funds reinvest dividends rather than distributing them

Important clarification: This 1.32% rate applies only to funds registered in Belgium that have chosen the "capitalization" share class. It does NOT apply to:

• Irish domiciled accumulating ETFs (like IWDA)
• Luxembourg domiciled accumulating funds
• Any accumulating fund not registered in Belgium

Most popular ETFs are domiciled in Ireland or Luxembourg, which means they fall under the 0.12% rate even if they are accumulating funds.

Example 5: Belgian accumulating fund

You sell €50,000 worth of a Belgian registered accumulating fund.

TOB calculation: €50,000 × 1.32% = €660

You pay €660 in TOB.

Example 6: Large transaction hitting the cap

You sell €400,000 worth of a Belgian accumulating fund.

TOB calculation: €400,000 × 1.32% = €5,280

However, the cap is €4,000. Therefore, you pay only €4,000 in TOB.

How to Identify the Correct TOB Rate

Determining which rate applies to your security can be confusing. Here is a practical approach:

Step 1: Check the ISIN Prefix

The ISIN (International Securities Identification Number) starts with a two-letter country code:

• IE (Ireland): Most ETFs are 0.12%
• LU (Luxembourg): Most ETFs are 0.12%
• BE (Belgium): Check if accumulating (1.32%) or distributing (0.12%)
• US, DE, NL, FR, etc. (Stocks): Usually 0.35%

Step 2: Check Security Type

• Individual stocks: 0.35%
• ETFs: Usually 0.12%
• Bonds: 0.12%
• Belgian accumulating funds: 1.32%

Step 3: Use Belgian Tax Calculator

The easiest way to identify the correct rate is to use our platform. When you import your transactions, we automatically determine the correct rate for each security based on:

• ISIN classification
• Fund domicile
• Distribution policy
• Official Belgian tax authority guidance

Import your transactions now and let us calculate your TOB automatically.

Step-by-Step: How to Calculate TOB

Let us walk through a complete calculation for a typical investor.

Scenario: Mixed Portfolio Trades in January 2026

Sarah made the following trades in January 2026:

Calculation Step by Step

Trade 1: Buy Apple (Stock, 0.35%) €5,000 × 0.35% = €17.50 TOB

Trade 2: Buy IWDA (Irish ETF, 0.12%) €15,000 × 0.12% = €18.00 TOB

Trade 3: Sell Microsoft (Stock, 0.35%) €3,000 × 0.35% = €10.50 TOB

Trade 4: Buy Belgian Government Bond (Bond, 0.12%) €10,000 × 0.12% = €12.00 TOB

Trade 5: Sell VWCE (Irish ETF, 0.12%) €8,000 × 0.12% = €9.60 TOB

Total TOB for January 2026

Sarah owes €67.60 in TOB for January 2026.

Currency Conversion Rules

When your transactions are in foreign currencies (USD, GBP, CHF, etc.), you must convert to EUR for TOB calculation. Belgium requires using the official European Central Bank (ECB) exchange rate.

Which Exchange Rate to Use?

You should use the ECB rate on the transaction date (the day your order was executed, not the settlement date).

ECB rates are published daily at approximately 16:00 CET on the ECB website.

Example: USD Transaction

You buy $10,000 worth of Tesla stock on January 15, 2026.

ECB rate on January 15, 2026: 1 EUR = 1.0850 USD

Conversion: $10,000 ÷ 1.0850 = €9,216.59

TOB: €9,216.59 × 0.35% = €32.26

Practical Tip

Your broker's statement may show a different exchange rate than the ECB rate. For TOB purposes, always use the ECB rate, not your broker's rate. Belgian Tax Calculator automatically applies the correct ECB rate when you import your transactions.

How to Declare TOB: The MyMinfin Process

Since July 2025, all TOB declarations must be submitted electronically through MyMinfin. Email declarations are no longer accepted.

Step 1: Log In to MyMinfin

Go to MyMinfin and log in using:

• itsme app (recommended)
• Belgian eID card and reader
• Federal token

Step 2: Navigate to DivTax

Once logged in:

1. Click on "Diverse taksen" (Various taxes)
2. Select "DivTax" from the menu
3. Choose "Taks op beursverrichtingen" (Tax on stock exchange transactions)

Step 3: Create a New Declaration

1. Click "Nieuwe aangifte" (New declaration)
2. Select the reporting period (month and year)
3. Enter your personal details (pre-filled if you have declared before)

Step 4: Enter Your Transactions

For each transaction, enter:

• Transaction date
• Description (security name and ISIN recommended)
• Transaction type (purchase or sale)
• Gross amount in EUR
• Applicable rate (0.35%, 0.12%, or 1.32%)
• Tax amount (calculated automatically or manually entered)

Step 5: Submit and Download

1. Review all entries for accuracy
2. Click "Indienen" (Submit)
3. Download the PDF confirmation for your records

Step 6: Pay the Tax

After submission, transfer the total amount to:

• Account: BE39 6792 0022 9319
• BIC: PCHQ BE BB
• Reference: Your national register number + "TOB" + period (MMYYYY)

Example reference: 85010100001TOB012026 (for January 2026)

TOB Deadlines: The Monthly Calendar

TOB must be declared and paid by the last working day of the second month following the transaction month.

Practical Example

You buy shares on February 15, 2026.

Deadline: Last working day of April 2026 (likely April 30, 2026, unless it falls on a weekend)

You must both declare via MyMinfin AND pay the tax by this date.

What Happens If You Miss the Deadline?

Late filing or payment triggers penalties and interest:

Late Declaration Penalty

A fixed fine of €50 to €1,250 per missed declaration, depending on the circumstances and whether it is a first offense.

Late Payment Interest

Interest of 4% per year (2026 rate) on the unpaid amount, calculated monthly from the deadline until payment.

Administrative Fines

In cases of repeated non-compliance, additional administrative fines up to 200% of the unpaid tax can be imposed.

Practical Example: Late Payment

You owe €100 in TOB for January 2026 (deadline: March 31, 2026).

You pay on June 30, 2026 (3 months late).

Interest: €100 × 4% × (3/12) = €1.00

You would owe €100 + €1.00 = €101.00, plus potential fixed penalty of €50 or more.

The takeaway: Always file on time, even if the amounts seem small. Penalties can exceed the tax itself for small amounts.

Common Mistakes and How to Avoid Them

Mistake 1: Forgetting to Declare Purchases

Many investors only remember to declare when they sell and realize a gain. But TOB applies to both purchases AND sales. Every transaction triggers the tax.

Solution: Declare all transactions, buys and sells, every month.

Mistake 2: Using the Wrong Exchange Rate

Some investors use their broker's exchange rate or an average rate. Belgium requires the official ECB rate on the transaction date.

Solution: Always use ECB rates. Belgian Tax Calculator automatically applies the correct rate.

Mistake 3: Applying the Wrong Rate

Confusing the 0.12% ETF rate with the 0.35% stock rate, or incorrectly applying the 1.32% Belgian accumulating fund rate to Irish ETFs.

Solution: Check the ISIN prefix and security type. When in doubt, use our TOB calculator for automatic classification.

Mistake 4: Forgetting the Cap

Large transactions should have the cap applied. Paying more than €1,600 on stocks or €1,300 on ETFs is overpaying.

Solution: Always check if your calculated TOB exceeds the cap for that category.

Mistake 5: Declaring in the Wrong Period

Using the settlement date instead of the trade date, or grouping transactions incorrectly.

Solution: Always use the trade execution date, not the settlement date. Each month's transactions should be declared separately.

Mistake 6: Not Keeping Records

Failing to save transaction confirmations, broker statements, and declaration receipts can cause problems during a tax audit.

Solution: Keep all documentation for at least 7 years. Belgian Tax Calculator stores your transaction history securely.

Special Cases and Scenarios

Fractional Shares

If your broker offers fractional shares (like Interactive Brokers or Trade Republic), TOB still applies to the full transaction value. There is no minimum transaction amount.

Example: You buy 0.5 shares of Google for €75.

TOB: €75 × 0.35% = €0.26

Yes, even €0.26 must be declared.

Dividend Reinvestment Plans (DRIPs)

If dividends are automatically reinvested to purchase additional shares, each reinvestment is a taxable purchase for TOB purposes.

Stock Splits and Corporate Actions

Stock splits do not trigger TOB (no actual transaction). However, if you receive shares from a spin-off and then sell them, the sale is taxable.

Options and Derivatives

Options premiums are generally exempt from TOB. However, if you exercise an option to buy shares, the share purchase triggers TOB at the 0.35% rate.

CFDs and Spread Betting

These are generally exempt from TOB as they are not actual security purchases. However, tax treatment can be complex, and you should verify with a tax advisor.

Multiple Brokers

If you use multiple foreign brokers, you must aggregate all transactions across all accounts for your TOB declaration. The deadline is the same regardless of which broker executed the trade.

How Belgian Tax Calculator Simplifies Everything

Managing TOB manually is time-consuming and error-prone. Belgian Tax Calculator automates the entire process:

Automatic Import

Import your transactions directly from:

• Interactive Brokers (Flex Query)
• DEGIRO (Account Statement)
• Trade Republic (CSV export)
• Bolero (for verification)
• Many other brokers

Import your broker data now

Automatic Rate Detection

Our system automatically identifies the correct TOB rate for each security based on:

• ISIN classification
• Security type
• Fund domicile
• Distribution policy

Currency Conversion

We apply the official ECB exchange rate for every non-EUR transaction automatically.

Cap Application

Transaction caps are applied automatically. You never overpay.

Monthly Reports

Generate ready-to-file monthly reports that show exactly what you owe, broken down by rate category.

Ready to simplify your TOB compliance? Start for free and see exactly what you owe.

Frequently Asked Questions

Do I need to pay TOB if I use Interactive Brokers?

Yes. Interactive Brokers is a foreign broker and does not withhold Belgian TOB. You must declare and pay TOB yourself for all transactions executed through IBKR.

Is there a minimum transaction amount for TOB?

No. There is no minimum threshold. Even a €10 transaction triggers the TOB obligation.

How do I know which TOB rate applies to my ETF?

Most ETFs are taxed at 0.12%, regardless of whether they are accumulating or distributing. The 1.32% rate only applies to accumulating funds registered in Belgium. Check the ISIN: if it starts with IE (Ireland) or LU (Luxembourg), the rate is almost certainly 0.12%.

Can I pay TOB annually instead of monthly?

No. TOB must be declared and paid monthly. There is no annual filing option for individuals using foreign brokers.

What happens if I forget to declare TOB for several months?

You should submit late declarations as soon as possible. While penalties may apply, voluntary disclosure is generally treated more favorably than being caught during an audit. Contact Belgian Tax Calculator or a tax advisor for guidance on your specific situation.

Do I pay TOB when transferring securities between brokers?

No. Transferring securities in-kind from one broker to another (without selling and rebuying) does not trigger TOB.

Is TOB deductible from my taxes?

No. TOB is a transaction tax and is not deductible from your income tax or capital gains tax.

How does TOB interact with the new 2026 capital gains tax?

TOB and capital gains tax are separate taxes. You pay TOB at the time of each transaction (buy or sell). You pay capital gains tax only on realized gains when you sell, subject to the €10,000 annual exemption. For more details, see our Capital Gains Tax Guide.

What documentation should I keep?

Keep the following for at least 7 years:

• Broker transaction confirmations
• Monthly or annual broker statements
• Currency exchange rate documentation
• TOB declaration receipts from MyMinfin
• Payment confirmations

Can Belgian Tax Calculator generate my TOB declaration?

Yes. After importing your transactions, our platform generates a detailed TOB report showing all transactions, rates, and amounts due. You can use this report to complete your MyMinfin declaration quickly and accurately.

Key Takeaways

1. TOB applies to all Belgian residents using any broker, but foreign broker users must self-declare
2. Three rates exist: 0.35% for stocks, 0.12% for most ETFs and bonds, 1.32% for Belgian accumulating funds only
3. Caps limit your liability: €1,600 (stocks), €1,300 (ETFs/bonds), €4,000 (Belgian accumulating funds)
4. Monthly deadlines: Declare and pay by the last working day of the second month after the transaction month
5. Both buys and sells are taxable
6. Use ECB exchange rates for foreign currency transactions
7. Keep records for 7 years
8. Belgian Tax Calculator automates everything from import to report generation

References and Official Sources

1. Belgian FPS Finance: TOB Information https://financien.belgium.be/nl/particulieren/belastingaangifte/beurstaks

2. MyMinfin Portal (DivTax) https://eservices.minfin.fgov.be/myminfin-web/

3. ECB Exchange Rates https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/

4. Belgian Tax Code: Stock Exchange Tax (Wetboek diverse rechten en taksen) https://financien.belgium.be/nl/douane_accijnzen/ondernemingen/diverse-taksen

Related Articles

• TOB Rates and Caps: The Definitive Guide for 2026
• How to Declare TOB with a Foreign Broker: Step by Step
• Belgium's 2026 Capital Gains Tax: What You Need to Know

Last updated: January 2026