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Capital gains exemption: ECJ judgment in Case C-37011 Commission v Belgium
  • Dorsey & Whitney LLP
  • Belgium, European Union
  • June 29 2012

Under Belgian legislation gains realised by a Belgian resident on redemption of shares of mutual funds where more than 40 of the portfolio is invested in debt and who do not benefit from an authorization granted under Directive 85611 (on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)) that are established in Belgium are not taxable, while capital gains on redemption of shares of such organizations in Norway and Iceland are taxable.