Belgium's Ministry of Finance has issued Circular 2025/C/63, which clarifies the financial asset condition for the participation exemption (dividends received deduction) that was approved in July 2025. Under the general rules, the participation exemption may apply where a 10% minimum ownership condition is met or the investment (participation) amounts to at least EUR 2.5 million. As approved in July, the 2.5 million investment condition is amended to provide that such investment is in the na…