The Commission considers that various provisions of the Royal Decree implementing the Belgian Income Tax Code 1992 make possible exemptions from withholding tax payable on interest subject to conditions that are not compatible with the fundamental freedoms guaranteed by the Treaties, namely Articles 56 and 63 TFEU. First, as regards the interest payable on unsecured debts, an investment company established in another Member State of the European Union or a State belonging to the EEA would be subject the payment of withholding tax on that interest, whereas an investment company established in Belgium would benefit from an exemption from that tax. Second, as regards the interest payable on debts backed by Belgian securities, that interest would be subject to the payment of withholding tax when the securities are deposited or registered in an account in a financial institution established in another Member State of the Union or a State belonging to the EEA, whereas such interest would be exempt from withholding tax when the securities are deposited or registered in an investment company in Belgium.