Belgium: Lower house of Parliament adopts draft law implementing public country-by-country reporting
The lower house of Parliament adopted draft law transposing EU directive on public country-by-country reporting
The lower house of the Belgium Parliament (the Chamber of Representatives) on 21 December 2023 adopted the draft law transposing the EU directive on public country-by-country (CbC) reporting.
The draft law—which is still subject to final publication and promulgation—is generally aligned with the text of the EU directive.
Background
The EU public CbC reporting directive requires multinational enterprise (MNE) groups operating in the EU (whether headquartered within or outside of the EU) that exceed certain size thresholds to publish certain information on their tax affairs. In general, the same consolidated turnover threshold of €750 million applicable to the BEPS Action 13 CbC reporting requirements apply to the public CbC reporting requirements.
The rules will apply from the commencement date of the first financial year starting on or after 22 June 2024. For MNE groups with financial years coinciding with the calendar year, the first year of reporting in Belgium will apply to financial year ending 31 December 2025. Publication/filing with the Belgian National Bank is due 12 months aftr the financial year end.
Read a January 2024 report prepared by the KPMG member firm in Belgium