Stock-exchange tax (TOB)
TOB is due on every purchase and every sale. The rate depends on the instrument, and that is precisely where brokers disagree with each other.
Result
- Taxable base
- €10,000.00
- Applicable rate
- 0.12 %
Where the money goes
- Taxable base99.9%€10,000.00
- Tax due0.1%€12.00
Vanguard FTSE All-World High Dividend Yield UCITS ETF — (USD) Distributing Shares
- Distribution policy
- distributing
- Registered in Belgium
- registered
- Domicile
- IE
- UCITS
- yes
This registry row has not yet been checked by a second pair of eyes.
What the brokers do
The tax is the same everywhere — it is a tax, not a fee. What differs is who pays it over, and for some funds, the rate the broker is reported to actually charge.
| Broker | Withholds TOB | Tax due | Rate charged (observed) | Withholds capital-gains tax | Provides a Belgian tax certificate |
|---|---|---|---|---|---|
| Interactive Brokers | No | €12.00 | Nothing on file for this ISIN | No | No |
| DEGIRO | Yes | €12.00 | Nothing on file for this ISIN | No | No |
| Trade Republic | No | €12.00 | Nothing on file for this ISIN | No | No |
| BUX | Yes | €12.00 | Nothing on file for this ISIN | No | No |
| Revolut | No | €12.00 | Nothing on file for this ISIN | No | No |
| MEXEM | Yes | €12.00 | Nothing on file for this ISIN | No | No |
| Bolero | Yes | €12.00 | Nothing on file for this ISIN | Yes | Yes |
| Keytrade Bank | Yes | €12.00 | Nothing on file for this ISIN | Yes | Yes |
| Saxo | Yes | €12.00 | Nothing on file for this ISIN | Yes | Yes |
| LYNX | Yes | €12.00 | Nothing on file for this ISIN | No | Yes |
| MeDirect | Yes | €12.00 | Nothing on file for this ISIN | Yes | Yes |
| Re=Bel | Yes | €12.00 | Nothing on file for this ISIN | Yes | Yes |
| ING | Yes | €12.00 | Nothing on file for this ISIN | Yes | Yes |
| BNP Paribas Fortis | Yes | €12.00 | Nothing on file for this ISIN | Yes | Yes |
| Belfius | Yes | €12.00 | Nothing on file for this ISIN | Yes | Yes |
| Bitvavo | No | €12.00 | Nothing on file for this ISIN | No | No |
| Binance | No | €12.00 | Nothing on file for this ISIN | No | No |
| Kraken | No | €12.00 | Nothing on file for this ISIN | No | No |
| Manual entry | No | €12.00 | Nothing on file for this ISIN | No | No |
The link carries your figures: opened anywhere else, it shows exactly the same result.
How this number is reached
The source country withholds first, at the treaty rate when the relief formalities are in order and at its domestic rate otherwise. What remains is the base Belgium charges its 30% on. The net received is the gross less both withholdings. The first band is relieved either way: reclaimed where a Belgian payer withheld, and simply not declared where none did — the same 30%, arriving as cash in one case and as tax never owed in the other.
Since 2026 the 1.32% rate requires two conditions together: the fund is registered in Belgium with the FSMA **and** the share class is accumulating. Registration is not domicile: an Irish ETF registered in Belgium is a 1.32% instrument.
Frequently asked questions
What are the stock-exchange tax rates?
Three rates exist: 0.12%, 0.35% and 1.32%, capped at €1,300, €1,600 and €4,000 per transaction respectively. The rate depends on what the instrument is, not on how much you traded.
Does my broker withhold TOB for me?
Belgian brokers withhold it at source, as do DEGIRO, BUX and MEXEM. Interactive Brokers, Trade Republic and Revolut do not: their clients file it themselves every month through MyMinfin.
What does the per-transaction cap mean?
Each rate carries a maximum amount per transaction. Above a certain consideration — roughly €1,083,333 for 0.12%, €457,143 for 0.35% and €303,030 for 1.32% — the tax stops rising.
Why is the same ETF taxed 0.12% at one broker and 1.32% at another?
Because brokers read the FSMA registration differently: some establish it at umbrella level, others require per-compartment evidence. The disagreement is about the fund's registration, not about its domicile.
When is the declaration due?
One declaration per month, never two months combined, by the last working day of the second month following the transaction month. July trades are therefore due on 30 September.
Read more
- Accumulating or distributing S&P 500: the same index, two different tax bills
iShares Core S&P 500 comes as an accumulating class (CSPX) and a distributing one (IUSA). Same index, same cost — but one pays 1.32% TOB and no dividend tax, the other 0.12% TOB and 30% on its dividends. The arithmetic decides which is cheaper.
- Why a very large order pays a lower effective TOB rate
The Belgian stock exchange tax is capped per transaction — €1,300, €1,600 or €4,000. Above the value where the cap bites, the effective rate falls, and splitting one large order into several can cost more, not less.
- Why Bolero and DEGIRO tax the same ETF differently
The same accumulating ETF is charged 1.32% TOB at one Belgian broker and 0.12% at another. The divergence is not a bug — it comes from how each broker reads FSMA registration on an umbrella fund.
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