The new capital gains tax, owing to a significant exemption, relatively low rates and the absence of retroactive effect, should not turn Belgium into a tax nightmare for major shareholders. Will this change following the Act of 6 April 2026, which, as a general rule, subjects capital gains realised from 1 January 2026 onwards to tax? For shareholders holding at least 20% of the securities of a company, the tax impact remains extremely limited. Capital gains are exempt up to EUR 1 million, and this exemption may be renewed every five years. As a result, despite the introduction of a capital gains tax, Belgium is likely to remain an attractive jurisdiction for entrepreneurs and substantial shareholders seeking a competitive and predictable tax environment.