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The Tax Shelter for video games

Belgium's federal tax incentive lets Belgian companies finance part of a game's production in exchange for a tax exemption. It can cover up to about a third of a game's budget, and spend anywhere in the European Economic Area counts.

~33.6%

of the production budget, at most

421%

provisional tax exemption for the investor

5.25%

net tax yield if the certificate is issued in full

70%

of EEA spend must be direct costs

47 Belgian games with a Tax Shelter certificate in our register. See all certified projects

What is the Tax Shelter?

The Tax Shelter for video games is article 194ter/3 of the Belgian income tax code. It was created by the law of 29 March 2019 and amended by the law of 5 July 2022, which replaced the requirement to spend in Belgium with spend anywhere in the EEA. The European Commission approved it as State aid on 25 July 2022 (decision 2022/1978) with an estimated budget of €36 million, €6 million a year, until 31 December 2027.

It sits alongside the Tax Shelter for audiovisual works and the performing arts: the investor gets a tax benefit, and the studio gets production cash whose principal it does not repay; it pays the investor's financial return instead.

How does it work for investors?

A Belgian company, or the Belgian branch of a foreign company, that pays corporate tax signs a framework agreement for a specific game and pays an approved production company. Individuals cannot invest. Intermediaries approved by the Minister of Finance usually arrange the deal; producers and investors cannot act as intermediaries themselves.

  • A provisional exemption of 421% of the amount invested, capped at 50% of taxable reserved profits and at €1 million per tax period (about €237,529 invested) at the 25% corporate tax rate, shared across all Tax Shelter articles (article 194ter/3 §5).
  • A net tax yield of 5.25% if the certificate is issued in full, plus a financial return paid by the producer of the 12-month Euribor average + 4.50% for up to 18 months (that return is taxed).
  • The exemption becomes final only if the Tax Shelter certificate is issued by 31 December of the fourth year after signing. No other economic benefit to the investor is allowed.

What does a studio receive?

The certificate's tax value is 70% of the eligible production and operating spend in the EEA, and the investment is set at 48% of that value. That puts the aid at up to about 33.6% of the production budget, as cash whose principal the studio does not repay; it pays the investor's financial return (Euribor + 4.50%) and the intermediary's costs.

Three ceilings apply. The law caps investors' payments at 50% of the game's total budget and the certificates' combined tax value at €2.5 million per game(article 194ter/3 §5). The European Commission's approval caps all public aid together — Tax Shelter plus regional funds — at 50% of the game's final cost.

Who is eligible?

The producer's main purpose and core activity must be developing and producing video games, judged on its income statement and balance sheet. It must be a Belgian company or the Belgian establishment of a foreign company (article 194ter/3 with article 227, 2° WIB 92), approved by the Minister of Finance through the Tax Shelter cell of SPF Finances, and up to date with its social security contributions.

Foreign studios therefore need a Belgian subsidiary or branch that leads the production; the investors are Belgian corporate taxpayers in every case. Talk to the Tax Shelter cell before you set up the structure; see Setting up for opening a Belgian company.

Which games qualify?

  • An original game recognised by the competent Community as a European video game: made mainly by authors and creative staff resident in the EEA, by producers established in the EEA or under their control.
  • It passes a cultural test. The Communities use the tests of the VAF Gamefonds (Flanders) and Wallimage (Wallonia); the French-speaking Community's test asks for at least two criteria in each of three categories (cultural content, creative platform, innovation), with an essential part of the creative work or half of the key team in the Community.
  • Artistic, serious, educational and entertainment games are all eligible.
  • An extension of an existing game counts as original when at least half of its elements are new.
  • The game must still be in production; finished games cannot apply.

Which spend counts?

  • Production and operating expenditure anywhere in the EEA, as long as it is taxable income for the recipient in an EEA country. There is no Belgian-spend quota.
  • At least 70% of that expenditure must be direct production and exploitation costs.
  • Spend falls in a 24-month window: from at the earliest six months before the framework agreement to at most 24 months after it, ending no later than three months after the final version. At most 50% of the spend may fall before signing.

The process, step by step

  1. Get the producer approved

    The production company — a Belgian company or the Belgian establishment of a foreign company — is approved by the Minister of Finance through the Tax Shelter cell of SPF Finances / FOD Financiën, in a simple procedure. The request includes the income statement and balance sheet (or a forecast), which show that games are the company’s core activity.

  2. Have the game recognised by a Community

    The competent Community recognises the game as a European video game and checks it against its cultural test: the Departement Cultuur, Jeugd en Media in Flanders (applications through MyMinfin), the Centre du Cinéma et de l’Audiovisuel for the French-speaking Community, which handles a file in about four weeks. For the German-speaking Community, confirm the certifying body with the FPS Finance Tax Shelter cell.

  3. Sign a framework agreement with investors

    Belgian corporate taxpayers sign a framework agreement for the specific game, usually through an intermediary approved by the Minister of Finance. The agreement is notified to SPF Finances within one month of signing, and investors pay within three months.

  4. Spend within the 24-month window

    Eligible spend falls in one 24-month window that starts at the earliest six months before signing and ends at the latest 24 months after it, and no later than three months after the final version. At most 50% of the spend may fall before signing.

  5. Report completion and receive the certificate

    Once the game is completed — the Community confirms that a final version was made in the EEA — the producer requests the Tax Shelter certificate from SPF Finances within nine months. The certificate must be issued by 31 December of the fourth year after signing, or the investor’s exemption does not become final.

Frequently asked questions

Can a studio outside Belgium use the Tax Shelter?

Only through a Belgian entity. Article 194ter/3 with article 227, 2° of the income tax code requires the producer to be a Belgian company or the Belgian establishment (branch) of a foreign company, approved by the Minister of Finance. A foreign studio therefore uses the Tax Shelter through a Belgian subsidiary or branch that leads the production. The investors must be Belgian corporate taxpayers too. Questions go to the SPF Finances Tax Shelter cell ([email protected]).

Does the money have to be spent in Belgium?

No. Since the 2022 amendment, production and operating expenditure anywhere in the European Economic Area counts, provided it is taxable income for the recipient in an EEA country and at least 70% of it is direct production and exploitation cost. The cultural tests still tie much of the creative work to the certifying Community: the bill’s explanatory notes expect about half of salary costs to end up in Belgium.

Can the Tax Shelter be combined with regional funds?

Yes, within two ceilings. The law caps the Tax Shelter money itself: investors’ payments may not exceed 50% of the game’s total budget. The European Commission’s approval of the scheme (SA.54817) caps all public aid together — Tax Shelter plus regional funds — at 50% of the game’s final cost. Regional funds such as the VAF Gamefonds, Wallimage and screen.brussels have their own conditions within that; see Funding.

Can a finished game still apply?

No. The game must still be in production when the framework agreement is signed: eligible expenditure starts at the earliest six months before signing, and at most 50% of it may fall before signing.

How long does the scheme run?

The European Commission approved the scheme until 31 December 2027, with an estimated budget of €36 million (€6 million a year). Check with SPF Finances for any extension beyond that date.

Contacts

Producer approval and certificates: the Tax Shelter cell of SPF Finances, [email protected].

Recognition of the game:the Departement Cultuur, Jeugd en Media (Flanders) or the Centre du Cinéma et de l'Audiovisuel of the Fédération Wallonie-Bruxelles, depending on where the creative work happens.

Combine with regional fundsCompare the regions

Sources

Last checked: November 2026.

This page is a guide, not tax or legal advice. Rules and amounts change; confirm your case with SPF Finances and the certifying Community before you rely on it.