17 MAI 2004. - An Act to adapt, in respect of pension savings, the Income Tax Code 1992 (1)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
Art. 2. Article 145¹¹ the Income Tax Code 1992, which was inserted by the Act of 28 December 1992 and amended by the Act of 6 July 1994 and the Royal Decree of 20 July 2000, is replaced by the following provision:
“Art. 145¹¹. The pension fund management corporation approved in accordance with section 145¹⁶ shall be obliged to allocate the assets of the fund and the income of the assets under deduction of the expenses, exclusively in investments and within the limits set out in 1° to 4° below in the following manner:
1° 20 p.c. to the maximum of the investments held as defined in the 2° to 4° below can be assigned wording in a currency other than the euro;
2° 75 p.c. at most of the assets held may be invested in bonds and other negotiable debt securities in the capital market, and in mortgages and money deposits within and under the following terms:
- in obligations and other debt titles denominated in euro or in the currency of a Member State of the European Economic Area, issued or guaranteed unconditionally, principally and in interest, by a Member State of the European Economic Area, by one of its political subdivisions, by other public bodies or institutions of a Member State of the European Economic Area or by a supranational organization of which are part one or more Member States of the European Economic Area or in mortgage loans denominated in euro or in the currency of a Member State of the European Economic Area;
- maximum 40 p.c. of the total of these obligations and other securities of negotiable receivables on the capital market, these mortgages and these deposits of money obligations and other debt securities may consist of assets denominated in euro or in the currency of a Member State of the European Economic Area, of a duration greater than one year, issued by companies of public or private law of a Member State of the
- maximum 40 p.c. of the total of these obligations and other securities of negotiable debts on the market of capital, these mortgages and such deposits of money obligations and other debts may consist of assets denominated in the currency of a non-member State of the European Economic Area, issued or guaranteed unconditionally, principal and in interest, by a non-member State of the European Economic Area
3° 75 p.c. to the maximum of the assets held may be invested directly in shares and other values assimilable to shares within and under the following terms:
- maximum 70 p.c. of the total of these shares and values may consist directly of shares and other values assimilable to shares of companies of the law of a Member State of the European Economic Area whose stock capitalization is greater than 1.000.000.000 EUR or its counter-value expressed in the currency of a Member State of the European Economic Area and which are listed on a regulated market;
- maximum 30 p.c. of the total of these shares and values may consist directly of shares and other values assimilable to shares of companies of the law of a Member State of the European Economic Area, whose stock capitalization is less than 1.000.000.000 EUR or its counter-value expressed in the currency of a Member State of the European Economic Area, and which are listed on a regulated market;
- maximum 20 p.c. of the total of these shares and values may consist directly of shares and other values assimilable to shares of companies of the law of a non-member State of the European Economic Area, not denominated in euro or in a currency of a Member State of the European Economic Area, and listed on a market of regular functioning, monitored by the recognized authorities of the public authorities of a member State of the Economic Cooperation Organization and
4° 10 p.c. to the maximum of the liquidity may be invested in a euro account or in a currency of a Member State of the European Economic Area, with a credit institution approved and controlled by a control authority of a Member State of the European Economic Area. » .
Art. 3. In section 145¹², paragraph 5, of the same Code, inserted by the law of 28 December 1992, the words "article 145¹¹Paragraph 1^er, 1° to 4° and 6°" are replaced by the words "article 145¹¹".
Art. 4. The provisions of this Act come into force from 1^er April 2004.
Art. 5. Until 30 June 2004 at the latest, it is satisfied with the investment condition set out in sections 145¹¹ and 145¹², paragraph 5, of the same Code, inserted by sections 2 and 3 of this Act, where the investment condition set out in sections 145¹¹ and 145¹²Paragraph 5 of this Code, as it existed before being replaced by sections 2 and 3 of this Act, is respected.
Promulgation of this law, let us order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 17 May 2004.
ALBERT
By the King:
Minister of Finance,
D. REYNDERS
Seal of the state seal:
The Minister of Justice,
Ms. L. ONKELINX
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Note
(1) Parliamentary references:
Consideration by the Chamber:
Deposit 2 March 2004, doc. 51-859/1. - Adoption in Committee (without amendment) 26 March 2004, doc. 51-859/2. - Review, entire record no. 58, pp. 36-38, vote on the whole: ne varietur (unanimously), doc. 51-859/3, full report No. 59, p. 14, adoption without amendment 1^er April 2004. - CPC decision on deadlines March 18, 2004.
Consideration by the Senate:
Transmission to the Senate for the first time April 2, 2004. - Dispatched within: deadline of evocation 24 April 2004, doc. 3-605/1. - Transmission to the Chamber for Penalty April 26, 2004. - Appeal by the Chamber for assent 3 May 2004.