Welcome to the Share | Updates September edition!
This month’s selection includes changes in Belgium, Ireland, Malaysia, the USA, and Kazakhstan.
Recent Changes
Belgium
Update on the Proposal to Introduce Capital Gains Tax
Belgium plans to introduce a new capital gains tax from 1 January 2026, which would tax private individuals on gains from financial assets including shares. This is a major change from the current system for tax advantaged award where such gains are generally untaxed after grant.
This new capital gains tax (CGT) regime is expected to be introduced in Belgium from 1 January 2026, although the draft legislation has not yet been published and may be subject to change.
The proposed regime would impose CGT on capital gains realised by private individuals on a wide range of financial assets, including shares and options acquired under tax-advantaged employee share plans.
This marks a significant shift from the current regime, under which qualifying awards are taxed only at grant, with no further tax on subsequent gains. Under the new rules, CGT may arise on the sale of shares acquired through such plans, with gains accrued before 1 January 2026 expected to be exempt. Companies and employees should be aware of the potential for additional tax liabilities and increased administrative requirements once the new regime takes effect.
Ireland
Pay-related Social Insurance (PRSI) Increase
From 1 October 2025, the rate of PRSI (employer and employee) will increase by 0.1% (this is set to increase annually).
Malaysia
Clarification on Capital Gains Tax on Shares in Foreign Companies
Updated Inland Revenue Board (IRB) guidelines make it clear that gains or profits from the disposal of foreign capital assets, including shares in foreign companies, are not subject to capital gains tax (CGT) under Chapter 9 of the Income Tax Act 1967.
USA
Online Filing for 83(b) Elections with IRS Became Live in July
Online filing officially launched in July 2025, allowing taxpayers to submit electronically via the IRS website.
Kazakhstan
New Tax Code
The President of Kazakhstan signed a new Tax Code, which will come into effect on January 1, 2026 which includes a new top rate of income tax and dividend tax of 15%. CGT rates are also set to increase to 15% if gains exceed a statutory threshold.
Adoption of a new Tax Code introduces progressive personal income tax rates. While broad, higher‑income brackets can affect tax at vest/exercise/disposal for equity awards; watch for implementing rules.
Periodical Reminders
India
Annual Performance Report Due – September 30
The Local Company is required to submit its Annual Performance Report (APR) in connection with Awards to Participants in India through an authorised dealer bank for the 6 month period to 30 September. The report must be submitted within 60 days from 30 September.
Saudi Arabia
Notify CMA all offers of Awards made in the preceding quarter – October 10
Companies offering Awards to employees in Saudi Arabia must notify the Capital Market Authority (CMA) within ten days after the end of the quarter following grant disclosing the total number and value of all offers made to employees during the preceding quarter.
Vietnam
Quarterly report to the SBV – October 20
There are quarterly reporting requirements to the SBV using a prescribed form which includes details of the number of grants of Awards made and the number of shares issued under Awards.
China
SAFE Quarterly Filing – October 30
Companies registered with the State Administration of Foreign Exchange (SAFE) in China are required to file their quarterly reports electronically.