Belgian Tax on Conversion of Bearer Shares Violates EU Law

The Court of Justice of the European Union (CJEU) on October 9 issued a judgment in Gielen v. Belgium (C-299/13) , holding that Belgium's tax on the conversion of bearer securities is in violation of Directive 2008/7/EC concerning indirect taxes on the raising of capital.
Belgium's Constitutional Court had requested a preliminary ruling in the case in August 2013.