The European Court of Justice has ordered the Belgian government to abolish two taxes on financial transactions, ruling that the levies are in violation of European Union law.
The case relates to a tax on stock market transactions dating back to 1997 and a tax on bearer certificates dating back to 1914, both of which violate a 1969 law on indirect taxation, the ECJ argued.
According to the Belgian Finance Ministry, the Luxembourg court ruled that taxpayers were no longer required to pay the tax from July 15 and were permitted to seek reimbursement for tax payments made in the last two years.
The decision could cost the Belgian authorities some €100 million per year in tax revenues.
Finance Minister Didier Reynders revealed that the necessary legal amendments will be made to comply with the ECJ’s ruling.
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