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HEAD-TO-HEAD TAX COMPARISON · 2026

COUNTRY A New Zealand VS COUNTRY B Belgium

Side-by-side analysis of income tax, effective rates, and take-home pay for New Zealand and Belgium in 2026.

Daniel · CountryTaxCalc Updated August 2026 Tax Comparison 2026
Calculate your take-home → See all comparisons →
OVERVIEW
New Zealand and Belgium share an unusual distinction among OECD countries: both have 0% capital gains tax on private share and fund investments (though with different mechanisms and scope). Despite this parity on investment gains, their income tax systems diverge substantially. New Zealand's progressive system — ranging from 10.5% to 39% — combined with the ACC earner levy produces effective rates that are consistently lower than Belgium's at every wage income level. At $100,000 income: New Zealand costs approximately $28,800 (28.8% effective) versus Belgium's $42,000 (42% effective) — New Zealand saves $13,200 per year. At $150,000: New Zealand saves approximately $22,000/year. Belgium's higher burden reflects its uncapped 13.07% ONSS social security contribution (which applies without limit on all income) and steep 50% top bracket activated at a relatively modest €51,070 threshold. Belgium counters with comprehensive social benefits (universal healthcare, generous unemployment), the Expatriate Special Tax Status (30% income deduction for qualifying new residents), and the EU's institutional and professional ecosystem centred on Brussels. New Zealand's higher income tax savings — $13,200/year at $100,000 — represent a significant annual difference, though Belgium's broader social safety net and European lifestyle appeal to many globally mobile professionals.
Section 01

The Big Picture

Top-line rates and effective take-home for a typical earner — including income tax, social contributions, and applicable surcharges.

🇳🇿
COUNTRY A
New Zealand
TAX RATE
10.5–39%
Progressive Income Tax + 1.60% ACC Levy + 0% CGT on Most Assets

Progressive income tax: 10.5% on first NZD 15,600; 17.5% on NZD 15,600–53,500; 30% on NZD 53,500–78,100; 33% on NZD 78,100–180,000; 39% above NZD 180,000; ACC earner levy 1.75% (capped at NZD 156,641); no capital gains tax on shares, ETFs, and most investments (2-year bright-line for residential property only); FIF regime: 5% deemed return on foreign shares above NZD 50,000 threshold; KiwiSaver 3.5% minimum employer + 3.5% employee; 15% GST; worldwide income taxed for tax residents

🇧🇪
COUNTRY B
Belgium
TAX RATE
25–50%
Progressive + 13.07% ONSS SS (no ceiling) + 0% CGT on Private Shares

Income tax 25–50% (4 brackets: 25% to €16,720; 40% to €29,510; 45% to €51,070; 50% above); municipal surtax ~7% on income tax (varies 0–9% by commune); employee ONSS social security 13.07% with NO ceiling — applies on all employment income without limit; 0% CGT on private share and fund investments; 30% flat tax on dividends and interest; professional deduction; Expatriate Special Tax Status for qualifying foreigners (30% deduction up to €90,000); 21% standard VAT; worldwide income taxed

TYPICAL ANNUAL DIFFERENCE
Moving from Belgium → New Zealand at $100,000 annual income (New Zealand advantage; both countries have 0% CGT on private share gains)
$13,200

That's $1,100/month New Zealand advantage at $100K wages (Belgium: ONSS uncapped produces steeply higher rates at all income levels) back in your pocket

Section 02

Tax Savings by Income Level

Net take-home after all income tax, social contributions, and surcharges — for a single employee with no dependents.

GROSS INCOME
🇳🇿 NZ TAX
🇧🇪 BE TAX
SAVINGS
10-YEAR
$50,000
~$11,700 (income tax + ACC levy 1.60%; income taxed at 10.5%/17.5%/30% bands; effective ~23.4%)
~$15,400 ($50K ≈ €46.3K; income tax ~$9,300 + municipal surtax ~$650 + ONSS SS ~$6,051 → effective 30.8%)
New Zealand saves ~$3,700 at $50K income
$37,000
$75,000
~$20,600 (income tax 10.5%/17.5%/30%/33% bands + ACC levy; effective ~27.5%)
~$27,600 ($75K ≈ €69.4K; income tax ~$17,600 + municipal surtax ~$1,230 + ONSS ~$9,072 → effective 36.8%)
New Zealand saves ~$7,000 at $75K income
$70,000
$100,000
~$28,800 (income tax 10.5%/17.5%/30%/33% bands + ACC levy capped; effective ~28.8%)
~$42,000 ($100K ≈ €92.6K; income tax ~$27,500 + municipal surtax ~$1,925 + ONSS ~$12,103 → effective 42%)
New Zealand saves ~$13,200/year at $100K
$132,000
$150,000
~$48,000 (income tax + ACC levy; approaching 39% top bracket above NZD 180K; effective ~32%)
~$70,000 ($150K ≈ €138.9K; income tax ~$50,300 + municipal surtax ~$3,520 + ONSS ~$18,162 → effective ~46.7%)
New Zealand saves ~$22,000 at $150K income
$220,000
$100,000 in foreign shares (FIF vs Belgium CGT)
New Zealand: ~$1,650/year FIF tax (5% deemed return × 33% top rate on $100K foreign share portfolio above NZD ~$37K threshold; applies annually on portfolio value not realised gains)
Belgium: $0 (0% capital gains on private share and fund investments; no FIF-equivalent; dividends attract 30% withholding)
Belgium saves ~$1,650/year on international share portfolio — both countries highly favourable vs OECD peers; Belgium wins on international shares
$16,500 on $100K international share portfolio
💡

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🇳🇿

New Zealand Pros & Cons

+ PROS
  • Substantially lower income tax at all wage income levels: New Zealand's progressive income tax system — starting at 10.5% and reaching 39% only above NZD 180,000 (~$108,000) — produces effective rates that are consistently 13–15 percentage points lower than Belgium's at comparable incomes. The absence of an uncapped social security contribution equivalent to Belgium's 13.07% ONSS is the primary driver. At $100,000: NZ effective rate is 28.8% versus Belgium's 42%. This is not a marginal difference — the $13,200 annual saving represents a significant improvement in take-home pay for most professional income levels.
  • No capital gains tax on domestic shares and most assets: New Zealand has no capital gains tax on shares, ETFs, and most investment assets (excluding the FIF regime for foreign shares above NZD ~$37,000). Gains from selling New Zealand shares, residential investment property held more than 2 years, and most other capital assets are completely tax-free. While Belgium shares this 0% CGT advantage for private investors, New Zealand's no-CGT rule applies more broadly (including to NZ residential property after the 2-year bright-line, business sales, and other capital disposals) — making NZ superior on CGT scope versus Belgium.
  • Simple and transparent tax system: New Zealand's income tax system is among the simplest in the OECD. There are five progressive brackets, a straightforward ACC levy, and no payroll taxes, no municipal surtaxes, no commune-varying rates, and no complex social security tier calculations. Belgium's system — with ONSS, the federal income tax, municipal surtax varying by commune, and potential ESTS eligibility — requires more tax planning. New Zealand's simplicity reduces compliance costs and makes financial planning more predictable.
  • ACC earner levy is capped and limited: New Zealand's ACC earner levy (1.60% of liable earnings) is capped at NZD 142,283 (~$85,400) — beyond which no additional ACC levy applies. The levy funds the Accident Compensation Corporation, providing no-fault personal injury insurance covering all residents. While Belgium's ONSS funds more comprehensive social benefits, the ACC levy's cap and low rate mean it adds a modest, bounded cost to NZ income tax — not an uncapped escalating burden like Belgium's ONSS.
− CONS
  • FIF regime creates modest tax on large international share portfolios: New Zealand's Foreign Investment Fund (FIF) regime applies a 5% deemed return on the value of offshore share portfolios held by NZ residents where the total foreign holding exceeds NZD ~$37,000 (~$22,000 USD). At the top 39% tax rate, the FIF creates an effective annual tax of approximately 1.95% of portfolio value. Belgium has no FIF equivalent — Belgian private investors hold global shares tax-free. For New Zealand residents with large international equity portfolios, this is a meaningful annual tax cost absent from Belgium's system.
  • GST applies to most goods and services at 15%: New Zealand's Goods and Services Tax (GST) is 15% on nearly all goods and services with no reduced rates. Belgium's standard VAT is 21% (higher than NZ's 15%), but Belgium applies 6% and 12% reduced rates on food, housing, and many essential services. For everyday consumption, New Zealand's simpler 15% rate is lower than Belgium's 21% standard rate, but Belgium's broad use of reduced rates partially offsets this difference for basic consumption.
  • Limited expat incentive regime: New Zealand has no equivalent to Belgium's Expatriate Special Tax Status (30% income deduction for qualifying foreign professionals for 5 years). While New Zealand's standard income tax rates are lower than Belgium's, high-earning expatriates who might qualify for Belgium's ESTS could, in some scenarios, face lower effective tax in Belgium during the 5-year exempt period. New Zealand currently has no formal expat regime targeting mobile international professionals.
  • Progressive top bracket at relatively modest NZD threshold: New Zealand's 39% top bracket activates at NZD 180,000 (~$108,000), which for high-earning professionals is a moderate threshold. The 33% bracket (applying from NZD 78,100 ~$47,000) covers a wide income band. For professionals earning above NZD 150,000, both the 33% and 39% rates provide lower effective rates than Belgium's combined 50% + 13.07% ONSS — but New Zealand's progression to the 39% rate happens at a moderate income threshold rather than only at very high incomes.
🇧🇪

Belgium Pros & Cons

+ PROS
  • 0% CGT on private share and fund investments — no threshold, no cap: Belgium's 0% capital gains tax on private investment gains is one of Europe's most compelling tax advantages. Unlike New Zealand's FIF regime (which taxes large foreign share portfolios annually at an effective 1.95%/year), Belgium has no equivalent mechanism — gains of any size from share, ETF, or fund investments are completely tax-free for private investors. On a €500,000 portfolio gain: Belgium tax = €0; New Zealand under FIF would apply annual deemed-return taxation. Belgium wins for very large international investment portfolios.
  • Expatriate Special Tax Status for qualifying relocators: Belgium's ESTS provides a 30% income deduction (up to €90,000/year) for qualifying foreign professionals relocating to Belgium for up to 5 years. At $150,000 income, the 30% deduction on the €90,000 cap reduces taxable income by €27,000, bringing Belgium's effective income tax rate closer to New Zealand's during the ESTS window. Combined with 0% CGT, Belgium can be competitive with New Zealand for high-earning expats during the initial 5-year regime period.
  • Comprehensive European social safety net: Belgium's tax contributions fund universal healthcare (mutualiteiten/mutualités) with minimal co-payments, strong unemployment benefits (65% of final salary initially, up to 60% thereafter), generous paid parental leave, extensive eldercare, and comprehensive disability coverage. While New Zealand provides public healthcare and ACC accident coverage, Belgium's safety net is more comprehensive — particularly for healthcare coverage, unemployment benefits, and eldercare. For residents who expect to use these services, Belgium's social safety net can offset the higher income tax cost.
  • Brussels professional and institutional ecosystem: Belgium's capital hosts the European Parliament, European Commission, NATO, and hundreds of international organisations and multinationals. This institutional density creates a unique professional environment with high concentrations of globally mobile professionals, international schools, multilingual services, and European career pathways unavailable in New Zealand. For internationally oriented professionals, Belgium's location offers network and career benefits that factor into the total value of relocation beyond pure tax savings.
− CONS
  • ONSS has no ceiling — Belgium's income tax burden is exceptionally high for wage earners: Belgium's 13.07% employee ONSS applies on all employment income without limit. At $200,000 income (~€185,000), ONSS alone costs approximately €24,190. Combined with Belgium's 50% income tax on income above €51,070 and the municipal surtax, Belgium's effective rate for a high-earning wage earner without ESTS reaches approximately 50–53% — 20+ percentage points above New Zealand. For straightforward wage earners, Belgium is one of the most expensive OECD countries.
  • 30% dividend withholding reduces investment tax advantage: While capital gains on shares are 0% in Belgium, dividend distributions from shares are subject to 30% withholding tax. New Zealand does not have a 30% dividend withholding — NZ dividends are taxed as ordinary income (at progressive rates of 10.5%–39%) but often include imputation credits from already-paid corporate tax, reducing the effective additional burden significantly. For dividend-income strategies, Belgium's 30% withholding compares unfavourably to New Zealand's imputation credit system.
  • High inheritance taxes — particularly for non-direct heirs: Belgium's inheritance taxes are among Europe's highest and vary by region. In Brussels and Wallonia: direct heir rates reach 30% on the highest bracket; non-direct heir rates can reach 80%. For New Zealand residents, there is no inheritance tax or estate duty — New Zealand eliminated its estate duty in 1992. For intergenerational wealth transfer, New Zealand's 0% inheritance tax versus Belgium's regional inheritance taxes is a substantial advantage for high-net-worth families.
  • ESTS eligibility conditions are strict: Belgium's Expatriate Special Tax Status requires employer sponsorship, minimum gross salary of €75,000, Belgian tax non-residency for the prior 5 years, and qualifying employment activity. Self-employed individuals cannot access ESTS. Most freelancers, remote workers, and self-employed professionals relocating to Belgium would not qualify. The 5-year time limit also means the benefit expires, after which Belgium's standard rates apply — significantly higher than New Zealand's for wage earners above €100,000.
FAQ

Frequently Asked Questions

Which country has lower income taxes — New Zealand or Belgium?

New Zealand is significantly cheaper for wage earners at all income levels. At $100,000: New Zealand ~$28,800 (28.8% effective) versus Belgium ~$42,000 (42% effective) — New Zealand saves $13,200/year. At $150,000: New Zealand saves approximately $22,000/year. Belgium's high burden stems from its uncapped 13.07% ONSS social security and 50% top income tax bracket. Belgium's ESTS regime (30% deduction for qualifying new residents for 5 years) partially narrows the gap for eligible professionals.

Do both New Zealand and Belgium have 0% capital gains tax?

Both countries are CGT-favourable for private investors, but the mechanisms differ. Belgium: 0% on all private share, ETF, and fund investment gains — no threshold, no cap, no FIF equivalent. New Zealand: 0% CGT on most assets including NZ shares and domestic investment. However, New Zealand applies the FIF (Foreign Investment Fund) regime to foreign share portfolios above NZD ~$37,000, taxing an annual 5% deemed return at ordinary income rates (~1.95%/year at 39%). For domestic shares and small foreign portfolios, both countries are effectively 0% CGT. For large international equity portfolios, Belgium's 0% wins over NZ's FIF tax.

What is New Zealand's FIF regime and how does it affect investors?

The Foreign Investment Fund (FIF) regime applies to New Zealand tax residents with foreign share portfolios (non-Australian, non-NZ listed) exceeding NZD ~$37,000 in total market value. Under the Fair Dividend Rate method, 5% of opening market value is treated as taxable income regardless of actual gains, dividends, or losses. At NZ's 33% marginal rate, this creates an effective annual cost of approximately 1.65% of portfolio value — even in years when the portfolio falls in value. Belgium has no FIF-equivalent: all private investment gains are tax-free. For large passive investors, Belgium's CGT treatment is superior to New Zealand's FIF regime.

Is Belgium or New Zealand better for remote workers?

New Zealand is generally better for remote workers on income tax. New Zealand's lower effective rates save remote workers with $100K+ income $13,000–$22,000/year compared to Belgium. Belgium's ESTS regime can narrow this for qualifying professionals (requires employer sponsorship), but most independent remote workers and freelancers won't qualify for ESTS. New Zealand also has a simpler tax system with no commune-varying surtaxes or complex social security tiers. Belgium's advantage is quality-of-life (European location, Brussels' international ecosystem) rather than tax efficiency.

How does Belgium's Expatriate Special Tax Status (ESTS) compare to New Zealand's tax rates?

Belgium's ESTS provides a 30% income deduction up to €90,000/year for qualifying foreign professionals for 5 years. At €150,000 income: the €90,000 cap deduction = €27,000 tax-free; effective Belgium rate drops from 47.7% to approximately 37%. New Zealand's standard rate at the equivalent income ($150K): approximately 32%. Even with ESTS, New Zealand (at 32%) is cheaper than Belgium (at 37%) for a $150,000 earner. However, Belgium's 0% CGT + ESTS combination can be competitive for professionals with significant investment income alongside their salary.

What is Belgium's ONSS and why does it increase Belgium's effective tax rate so much?

ONSS (Office National de Sécurité Sociale) is Belgium's mandatory social security contribution for employees, charged at 13.07% of gross employment income with no ceiling. Unlike New Zealand's ACC levy (1.60%, capped) or most countries' social security contributions (which cap at a wage base), Belgium's ONSS applies without limit to all employment income. At $200,000: ONSS alone costs ~$26,140. This is the primary reason Belgium's effective rate for high earners ($80K+) is significantly above New Zealand's — the uncapped ONSS adds approximately 13% to Belgium's effective rate at all income levels, producing total effective rates approaching 47–50% for upper-middle-income earners.

Does New Zealand have inheritance tax?

No — New Zealand abolished its estate duty (inheritance tax) in 1992. There is currently no inheritance tax, estate tax, or gift duty in New Zealand. Belgium, by contrast, has regional inheritance taxes that can reach 80% for non-direct heirs (and up to 30% for direct heirs in Brussels and Wallonia on the highest brackets). For intergenerational wealth transfer, New Zealand's 0% inheritance tax is a significant advantage over Belgium — especially for high-net-worth families planning estate transfers.

How do KiwiSaver and Belgian pension contributions compare?

KiwiSaver is New Zealand's voluntary workplace savings scheme: employees contribute a minimum of 3.5% of gross salary (from April 2026), with employers required to match at least 3.5%. Total minimum contribution is 7% of salary (3.5% each from April 2026). Contributions are from post-tax income; investment returns are taxable within the fund at a capped rate (28% for most PIR). Belgian pension: state pension funded through ONSS contributions (part of the 13.07%); no mandatory funded private pension equivalent to KiwiSaver. Belgium's state pension replaces approximately 50–60% of last salary for full-career workers. KiwiSaver builds a private capital balance; Belgium's ONSS-funded pension provides a defined income stream — different structures rather than directly comparable.
From the brief
NL27%new 2027 rate, down from 30%
DK65.4kkr/mo threshold, cut from 78k
MT1940snon-dom regime unchanged since
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