Belgium has published the Program Law of 26 December 2022 in the Official Gazette, which contains several measures in relation to the budget, health care, social affairs, finance, and other matters. One of the key measures is the repeal of the notional interest deduction (NID). This applies for taxable periods ending on or after 31 December 2023, although excess NID accumulated in the past may continue to be carried forward and deducted. Another important measure is a temporary reduction from 70% to 40% of the "corporate tax basket" of deductions exceeding EUR 1 million from the 2024 assessment year (tax period beginning on or after 1 January 2023), which includes losses carried forward, carried forward dividends received deduction, etc. However, the allowed percentage will be changed back to 70% from the 2025 assessment year (tax period beginning on or after 1 January 2024) if a law transposing the EU Directive for a global minimum tax has entered into force. A notice for this purpose must be published in the Official Gazette. Lastly, an important change in made in regard to foreign tax credits (FTC) for royalties. The change provides that the unilateral FTC for royalties is limited to the withholding tax actually paid in the source state, subject to a maximum of 15%.