Advance ruling no. 800.065 of 11 March 2008 of the Belgian Ruling Committee (Dienst Voorafgaande Beslissingen), on the classification of income from real estate certificates under the Belgium-Luxembourg tax treaty on income and capital of 17 September 1970, was recently published. Details are summarized below. (a) Facts and Issue. The case concerned a Luxembourg limited liability company (SARL X), which held real estate certificates issued by a Belgian company (SA Y). The issue was how income from real estate certificates and liquidation certificates within the meaning of Art. 266(2)(3) Income Tax Code (ITC) was to be classified. (b) Decision. The...