Difference between TOB and Tax on Securities Accounts

Belgium has a complex tax system for investors. A common confusion arises between the Transaction Tax (TOB) and the Annual Tax on Securities Accounts (TSA). Understanding the difference is crucial to avoid underpayment.

Comparison Table

Feature	TOB (Transaction Tax)	TSA (Securities Account Tax)
Trigger	Every purchase or sale of a security.	Holding an account value > €1,000,000.
Rate	0.12%, 0.35%, or 1.32% per trade.	0.15% annually on total value.
Frequency	Per transaction (paid every 2 months).	Once a year.
Who pays?	Almost every investor.	Only wealthy investors (High Net Worth).

1. TOB (Tax on Stock Exchange Operations)

This is the tax handled by our calculator. It applies to everyone, regardless of the size of your portfolio. Even if you buy one Apple share for €150, you owe €0.53 in tax (0.35%).

2. TSA (Annual Tax on Securities Accounts)

This is a "wealth tax" introduced recently. It only applies if the average value of your securities account exceeds €1,000,000 during the reference period. If your portfolio is worth less than a million euros, you generally do not need to worry about this tax.

Conclusion: Most retail investors using eToro or Degiro only need to worry about the TOB and declaring their account to the NBB. The TSA is reserved for larger portfolios.