IMPORTANT NOTICE: Transformation of bearer shares into registered shares taxed from 1/1/2012 onwards

One of the very recent budget measures of the new government includes a tax which will be levied on the transformation of beares shares into registered shares.

As from 1/1/2012 onwards the tax will amount to 1% of the share value. In 2013 the levy will increase to 2%. Depending on the share value this could represent a considerable nominal amount.

Therefore, it can be advisable to transform the bearer shares into registered shares still in 2011. Please note that the measure is mainly applicable to NV's (Naamloze Vennootschappen) where bearer shares are still possible (as opposed to BVBA's where registered shares are compulsory). Please note also that the law already states that bearer shares compulsory have to be transformed into registered shares at the latest by 31/12/2013.

Please don't hesitate to contact Panis for further questions or information.