Febelfin recognises that a new tax measure of this scale is necessarily the result of political choices and compromises. However, a new tax and its accompanying tax framework must provide sufficient legal certainty so that everyone can understand and comply with their obligations and be treated equally. In its current form, certain provisions of the law may lead to situations that are particularly complex or even impossible to implement correctly. Febelfin therefore considers it necessary for the Constitutional Court to examine certain aspects of the framework.

Difficulties arise in perfectly ordinary situations involving people’s assets, such as an inheritance, a gift or the joint ownership of an investment portfolio, for example within a marriage. These are first and foremost situations that many families encounter during their lives, rather than situations involving only complex or substantial assets.

In some cases, applying the new rules requires historical acquisition values to be reconstructed, fractions of securities to be tracked, or different acquisition values to be assigned to the same position, which is impossible in practice. This complexity creates uncertainty for taxpayers and can make it particularly difficult to apply the tax correctly in common family situations, such as an inheritance or a gift. It also creates significant practical difficulties for banks, which are responsible for withholding and paying the tax.

It is precisely in the interests of taxpayers that Febelfin is seeking greater legal certainty. Everyone should be able to understand the tax consequences of a transaction so that they can correctly fulfil their tax obligations and be confident that comparable situations will be treated in a consistent and predictable manner.

The banking sector has been tasked with implementing this tax under difficult circumstances. Although the tax has applied since 1 January, the final legal framework was only adopted in the spring, and several elements still need to be clarified at administrative level. Due to successive delays and the numerous changes made during the legislative process, both financial institutions and taxpayers have had little time to prepare properly.

At the same time, banks have been given significant responsibilities, particularly regarding the calculation, collection and payment of the tax, as well as reporting to the tax authorities under the opt-out regime. The sector is therefore asking for an assessment of whether the way in which the law was introduced complies with the Constitution and whether the principles of equality, non-discrimination, legal certainty and legitimate expectations have been respected.

Banks continue to make every effort to carry out the task entrusted to them correctly, in the interests of their customers and in accordance with the applicable legal rules.

Through this action, Febelfin aims to contribute to a legally sound and workable framework, both for taxpayers and for the institutions responsible for applying the tax. The objective is to help prevent legal uncertainty, inconsistent treatment and future disputes.

The sector continues to engage in constructive dialogue with the authorities and will continue to support customers in applying this new legislation.