The Belgian Council of Ministers approved the preliminary draft law transposing the EU Public CbCR Directive (2021/2101) at second reading on 13 October 2023. The Public CbCR rules will be incorporated in the Belgian Companies Act and, when adopted, apply to financial years starting on or after 22 June 2024.
The new rules will require Groups with a consolidated revenue of more than EUR 750 million to draw up, publish and make accessible a report on income tax related information. This requirement also applies to non-European headquartered Groups (i.e., with foreign ultimate parent companies) with a subsidiary or branch in Belgium, under certain conditions. Domestic Belgian companies subject only to the Belgian tax regime are exempt from the obligations.
The preliminary draft law will next be submitted to the Belgian Parliament for adoption.
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