Nevertheless, the passage “excluding operations of normal management of private assets” is in practice the rule in Belgium, which means that capital gains are not subject to taxation. In fact, the Belgian tax authorities consider that capital gains are, in the vast majority of cases, part of the normal management of private assets.

In the past, there have been numerous attempts to tax capital gains but this has never been implemented.

Let us specify, for safety, that the jurisprudence considers that operations of normal management of a private patrimony are those carried out by a good father of family or the operations which are not targeted and worked.

Interpreting this provision, case law considers that for the profit or gain to result from “the normal management of a private asset” within the meaning of article 90 of the above-mentioned CIR, three conditions must be met (Cour de Cassation, February 1, 1996):

• The profit or gain must result from normal management operations
• The profit or gain must be produced by a private asset, i.e. a non-professional asset
• The profit or gain must be generated by real estate, portfolio values or movable objects.

We do not believe that the existence of SMART CONTRACTS allowing the collection of income on each subsequent resale of the NFT changes the criteria to be applied to confirm the maintenance of the favorable tax regime of copyrights.

The administration has not issued any opinion on the subject and the simple use of new blockchain technologies should not affect its position.

It is at the time of the sale that the parties, the seller, the buyer and the NFT exchange platform, determine their respective rights to the thing sold and possibly the creator’s copyright.

Subsequent revenue collections are automatic, therefore not subject to any positive speculative or professional action, and therefore do not need to add an 18th criterion to the SDA questionnaire to decide on the taxation of these transactions.