Belgian state bonds: withholding is not always the final capital gains tax
Why a state bond redeemed at par can still face withholding, and which records to keep for your 2027 tax return.
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What does the Debt Agency withhold?
Since 1 June 2026, the Belgian Debt Agency withholds 10% capital gains tax where applicable on its state bonds, OLOs and treasury certificates. Opt-in is the default. The exemption is not applied at source.
Subscribed at 100, redeemed at 100: still withheld?
For bonds issued before 2026, withholding uses the final closing price of 2025. If that price was below 100, redemption at 100 can trigger withholding. Evidence of subscription at par lets you request recovery through the 2027 return for income year 2026. Refunds are not automatic. This reference-price effect does not apply to new bonds issued from 2026.
Opt-out and the first five months
Opt-out for 2026 repayments had to be requested by 14 August 2026. The regime applied to your first repayment from 1 June 2026 determines the regime for all your 2026 repayments from that date. If you had chosen opt-out in time, no tax was withheld and you must declare the income yourself. The deadline for new or amended choices for 2026 repayments has passed. Gains realised from 1 January to 31 May 2026 also had no withholding: include them in your return where required. Direct reinvestment of maturing state bonds is no longer available.
The September 2026 figure
In Parliament, the minister reported €48,003.40 withheld by the Agency on the state bond maturing in September 2026. That aggregate does not determine your personal final tax.
What to do next
- Keep subscription evidence, the ISIN and redemption statement.
- Compare the end-2025 reference price with your documented acquisition price.
- Collect the tax certificate and check withholding and opt-out records.
- Review the whole income year before filing in 2027.
Sources
This tool provides general information and is not tax advice. Consult a tax advisor for your specific situation.