During the nineties, the tax policy stance was clearly subordinated to the fiscal consolidation strategy of the federal government. “Maastricht” and “3%” were the key words and figures that dominated the decennia (Decoster, Gérard and Valenduc, 2001). On the revenue side, two main reforms contributed to fiscal consolidation: the automatic indexation of personal income tax was suspended, apart for the zero rate bands and the related family tax credits, and a crisis surcharge was introduced, for personal income taxes (PIT in the rest of this chapter) and corporate income taxes (CIT in the rest of this chapter). On the CIT side, the nineties appears to be, ex-post, a decennium of base broadening and the gap between nominal and effective taxation was substantially reduced (Valenduc, 1999). Finally, on the PIT side, no new tax expenditures were introduced and the tax incentives for long term savings were made less generous, by replacing allowances valuated at the marginal tax rate by a tax credit that ranged from 30 to 40%.