Public country-by-country reporting provides more tax transparency
Public country-by-country reporting provides more tax transparency
Summary:
- Since 2016, each Belgian constituent entity that is the ultimate parent entity of a multinational group with consolidated revenues of at least €750 million must annually file a country-by-country report.
- For accounting periods beginning on or after 22th June 2024, this country-by-country report must be made public.
- The aim is to ensure a form of tax transparency.
The law of 8th January 2024, published on 26th January, transposes the Country-by-Country Report (CbCR) into Belgian law through the Companies and Associations Code, The Royal Decree of 18 June 2024 specifies the content of this report for Belgium.
This initiative is based on the non-public country-by-country report prepared as part of Action 13 of the OECD Plan (‘BEPS 13’). The main principles of the public reporting just introduced (such as the scope and content) are therefore largely similar to those of BEPS 13. Yet the ‘public’ reports go a step further by making these data public, not just only available to the tax authorities.
Need help?
Is your Belgian company or permanent establishment involved in cross-border intercompany transactions? If so, do not hesitate to contact BDO's Transfer Pricing team for more information on the documentation requirements on transfer pricing in Belgium.