Proposition 51K0859

Projet de loi adaptant en matière d'épargne-pension, le Code des impôts sur les revenus 1992.

General information ¶

Submitted by

PS | SP MR Open Vld Vooruit Purple Ⅰ

Submission date

March 2, 2004

Official page

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Status

Adopted

Requirement

Simple

Subjects

direct tax tax on income free movement of capital

Voting ¶

Voted to adopt

CD&V Vooruit Ecolo LE PS | SP Open Vld N-VA MR FN VB

Contact form ¶

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Discussion ¶

April 1, 2004 | Plenary session (Chamber of representatives)

Full source

Mr. Speaker, Mr. Minister, dear colleagues, Bill No. 859, which I can present to you now, concerns the well-known pension savings funds.

The pension savings funds have existed since 1986 and have grown spectacularly. One of the intentions of that savings and investment formula was indeed to stimulate investment in Belgian shares in order to thus inspire the Belgian stock market more life. That this view was met, the figures clearly prove. As of 31 December 2003, the total net assets of the 11 existing pension savings funds amounted to EUR 7.42 billion. Per ⁇ this is an unspoken figure, which, however, gains clarity when I add that at the aforementioned date pension savings funds accounted for 5.5 % of the collective investment sector, which represents a total of 136,19 billion.

In addition, the pension savings funds account for an average of 3.25% of the capitalization of the BEL20 value. The number of savers who choose the formula is approximately 1,000,000, to be completely correct 950,000 at the end of 2002. According to the original investment rules specific to the product, at least 30% must be invested in Belgian shares, while up to 10% may be invested in foreign shares. In reality, investments in Belgian shares in recent years have even amounted to about 60%.

In 2001, the European Commission issued a reasoned opinion on this subject, noting that the provisions of the Royal Decree of 1986 were inconsistent with the provisions of the Treaty on European Union, in particular Article 56 of that Treaty, which prohibits restrictions on capital movements between Member States and between Member States and third countries.

The current draft law, which we discussed in the Committee on Finance on 16 March, aims to bring our legislation in line with the provisions of the Treaty of the European Union, more specifically here the investment rules for pension savings funds. The obligation to invest primarily in Belgian shares would be replaced by an obligation to invest primarily in European values or, more precisely, values issued within the European Economic Area in euros or in the currency of one of the countries that belong to the European Economic Area.

I am pleased to find that the government has requested the urgency for this, so that a solution can finally be given to this situation that has long been waiting to be regularized. The new investment rules would come into force on 1 April 2004, while a transitional period is provided until 30 June 2004. The draft was unanimously approved in the committee. I am pleased to present it here for approval.

Mr. De Donnea, you are registered as part of the discussion regarding this project.

No, Mr the President. I am registered as part of the discussion on the following project and on the patent tax.