This article sets forth the principal features of Belgium's income tax system as applied to companies, focusing on selected aspects that may be of interest to foreign investors. After some introductory remarks and general comments, the article discusses, among other things, the computation of a company's taxable income, the tax rates, withholding taxes and foreign tax credits, the general and specific anti-avoidance rules in Belgian law, the tax treatment of non-resident companies, and Belgian companies in international tax planning. The article concludes that, although Belgium cannot be regarded as a low-tax country, it is nevertheless competitive as a place for holding companies.