The European Commission has officially asked Belgium to amend the tax regime applied by the Walloon region to donations of certain units in undertakings for collective investment in transferable securities (UCITS) from other EU Member States or from another EEA country. Belgian legislation provides for a reduced taxation rate only for donations of units in closed-end Belgian UCITS and private Belgian UCITS (which collect capital without promoting the sale of their shares to the public), but not for donations of units in similar UCITS elsewhere in the EU.
The Commission considers that Belgian tax rules go against the free movement of capital provided for by the European Union Treaties (Article 63 TFEU). Consequently, Belgium is asked to amend its legislation. The Commission's request takes the form of a reasoned opinion. If Belgium fails to comply within two months, the Commission may refer the matter to the European Court of Justice.
0