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A judgment of the Constitutional Court on the tax on securities accounts will not occur before the fall, according to lawyer Denis-Emmanuel Philippe (Bloom Law), who thinks that a possible cancellation will not have retroactive effect .
Will the tax on securities accounts be canceled? Proceedings are pending before the Constitutional Court. The high court has received seven actions for annulment this tax of 0,15% which applies to the value of the securities accounts of at least 500,000 euros.
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Action for annulment
The Constitutional Court has received seven appeals from taxpayers claiming the cancellation of the tax on securities accounts.
It remains to know if a possible cancellation could occur before the next tax levy, which should take place from October.
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In an interview with La Libre Belgique, lawyer Denis-Emmanuel Philippe, from Bloom Law, talks about a stop at the earliest next autumn, if not in 2020. "In principle, the Court makes its judgments within twelve months of the introduction of the case," he explains to our colleagues. "However, the Court is overloaded and will probably make its verdict on the securities account tax only in the autumn of 2019 or even in 2020. I would be surprised if it is already pronounced in June 2019."
The timing of this decision is important because even if a cancellation is, in principle, retroactive, it is likely that, in the event of a finding of unconstitutionality, the Court will nevertheless maintain the effects of the tax for the past.
In my opinion, there is more than a 50% chance that the tax will be found unconstitutional but that the Court will only cancel the tax for the future.
Denis-Emmanuel Philippe
Tax Law Attorney Bloom Law
"In my opinion, there is more than 50% chance that the tax will be found unconstitutional but that the Court will only cancel the tax for the future, as it did for the fairness tax or the Turteltaks, especially for budget considerations, "says Me Philippe, quoted by La Libre.
If a cancellation judgment with no retroactivity is pronounced only after the next levy, taxpayers, who will have paid this tax two years in a row, will not be able to recover it.
In 2018, the tax on securities accounts yielded 226.4 million euros to the federal state, an amount relatively close to the estimated 254 million euros in planned tax revenues.
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