Other services - Belgium (NBB)

22.10.2018

Securities lending and borrowing

Belgian domestic debt instruments eligible in CBL qualify for CBL's securities lending and borrowing programme.

Multi-Market securities service

Please refer to the Multi-Market Securities page on the Clearstream website for a complete list of multi-market securities that are settled via KBC Securities and the corresponding instruction specifications.

Disclosure requirements

Please refer to Disclosure Requirements - Belgium.

Holding restrictions

Please refer to the Investment regulation section of the Market Profile - Belgium.

Tax services

CEU’s account with the NBB is an exempt (“X”) account. This means that clients may hold, in their CEU, CBL or LuxCSD account, NBB-eligible debt securities (dematerialised) that are admitted in the X/N system only on behalf of beneficial owners that qualify for exemption from Belgian withholding tax and by whom or on whose behalf the required certification procedures have been completed.

Based on Article 16 of the Royal Decree of 26 May 1994 (as amended), the NBB requests all direct participants (including CEU) to disclose, on a twice-monthly basis, the income amounts received by Belgian clients from NBB-eligible securities. This disclosure includes a report by type of instrument, payment date, identity of the direct client of CEU (who is a resident of Belgium for tax purposes) and the total income amounts received by the respective CEU client (including CBL and LuxCSD).

Furthermore, clients are required to be able to identify final beneficial owners. Individuals who are subject to income tax in Belgium and Belgian non-profit organisations are not exempt.

Withholding tax

RateRemarks
Securities admitted in the X/N system of the NBB:

0%

General rule:


As CEU’s account with the NBB is an exempt account (“X” account), CEU will hold securities that are admitted in the X/N system only on behalf of those beneficial owners who qualify for exemption from Belgian withholding tax and by whom or on whose behalf the required certification procedures have been completed.


Clients may hold dematerialised and non-dematerialised NBB-eligible debt securities in their account with CEU exclusively on behalf of beneficial owners that qualify for exemption from Belgian withholding tax. These clients are required to be able to identify account holders. CEU may be required to disclose the identity of its clients to the NBB.


Individuals who are subject to income tax in Belgium and Belgian non-profit organisations are not exempt.

15%

Remaining state loans (ISINs starting with BE00009xxxxx) not yet accepted in the X/N system of the NBB:


Withholding tax levied on interest payment.


Non-residents may obtain a refund in accordance with any applicable tax treaty upon submission of a tax reclaim form available from CEU. Forms may be submitted through CEU Supranational and international organisations may obtain a full relief at source or refund upon submission of the relevant tax forms available from CEU. Forms may be submitted through CEU.


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