The European Commission has decided to refer Belgium to the EU Court of Justice for discriminatory taxation of collective investment undertakings (CIUs) established in other Member States of the EU or of the EEA.
This discrimination constitutes a barrier to the free movement of financial services and capital in the single market. Under Belgian legislation, the rate of annual tax on certain CIUs governed by foreign law established in other Member States of the EU or of the EEA is higher than the rate applied to similar CIUs established in Belgium. The CIUs concerned are CIUs governed by foreign law of which one or more sections or classes of securities are collected exclusively from institutional or professional investors acting on their own behalf and whose securities may be purchased only by these investors. Such a difference in treatment results in a restriction on the free movement of services and capital.
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