Belgium - Dividends
A 10% withholding rate applies if the dividends are not further taxed in Belgium. The treaty provides for a 15% rate where the recipient is a company (other than a partnership) that holds directly at least 10% of the capital of the company paying the dividends, and 20% in all other cases. However, because the non-treaty rate applies when it is lower, the applicable rate does not exceed 15%.)