The backbone of the Belgian economy hit hard once again
24 November 2025 - 4 min Reading time
Febelfin takes note of the budget agreement reached by the government. We are pleased that necessary structural measures have been taken for the country and fully understand that in times of budgetary necessity, everyone must contribute. However, the decision to have the banking sector contribute an additional €150 million per year from 2026 onwards — on top of the already significant increase in the bank tax provided for in the coalition agreement — is unprecedented. After all, the banking sector already pays more than its fair share.
The additional costs are disproportionate and incompatible with the political ambition not to further increase the tax burden on businesses. With this significant increase in the bank tax, the government is once again targeting a single sector, even though banks play a crucial role in supporting families, businesses and the wider Belgian economy. Furthermore, this tax increase undermines the European Commission's objectives in terms of competitiveness and necessary economic investment.
This comes at a time when banks are being asked to make a considerable effort to introduce capital gains tax, while a clear legal framework is currently lacking. Banks are currently investing millions of euros and thousands of working hours in making the capital gains tax possible. The fact that the banking sector is being financially penalised on top of this is inexplicable.
More than 6 billion euros in 2025
The figures are clear: in 2025, the banking sector will pay a total of more than €6 billion in taxes and contributions to the Belgian public finances, of which more than €1.7 billion will be sector-specific contributions. The bank tax had already risen to more than €1 billion and is now being increased again by €150 million per year.
This tax increase comes on top of the significant increase in the bank tax that was already included in the coalition agreement. This agreement provides for the DGS revenues to be perpetuated from 2027 onwards by converting them into a new tax. All this amounts to a new tax on savings deposits and traditional retail banking. This is unprecedented in Europe and directly affects the core of financial services to citizens and businesses.
Competitiveness & investment under further pressure
Compared to other sectors and other European countries, the Belgian financial sector is subject to an extraordinary tax burden. Moreover, the profitability of Belgian banks is rather low in a European context and they are lagging behind the rest of Europe, partly as a result of the excessive tax burden on our sector in Belgium. Increasing this even further with a recurrent tax is counterproductive and removes all the clout of our Belgian banks in a Europe that wants to focus increasingly on its competitiveness and the strengthening of its capital markets. In addition to the already planned introduction of capital gains tax, doubling the securities tax is also at odds with this government's objective of stimulating investment and activating the capital markets.
A healthy sector is in the public interest
Febelfin warns that successive increases in the regulatory burden are putting serious pressure on the competitiveness of the Belgian financial sector. Stability and predictability are essential for a healthy investment climate and necessary for banks to fulfil their essential role in society: supporting investment, financing innovation and assisting families and businesses.
A balanced contribution to public finances can only be achieved by respecting the role that banks play on a daily basis for families, businesses and the government. A strong, resilient and competitive banking sector is crucial for sustainable economic growth and employment in Belgium.
