On 4 October 2018, the Belgian parliament approved the draft bill for the implementation of an optional value added tax (VAT) regime for the leasing of immovable property used for business. Under current rules, the leasing of immovable property is generally exempt from VAT, which results in the inability of property owners to deduct input VAT incurred on the construction and renovation costs of the property they lease. The new regime allows an owner and tenant to opt to have lease payments su…