Today, 24 February 2017, the Belgian Council of Ministers has agreed on a preliminary draft of the law approving the Multilateral Competent Authority Agreement on the exchange of Country-by-Country (CbCR) reports. On 27 January 2016, Belgium had signed this Agreement in Paris in the framework of the OECD BEPS (“Base Erosion and Profit Shifting”) Action Plan. The Agreement provides for strict confidentiality of the exchanged reports, and contains certain restrictions towards the use of the information gathered. Furthermore, a procedure of mutual consultation has been foreseen. As a next step, the draft bill will be introduced into Parliament for approval.
Read the press release of the Belgian Council of Ministers here (French/Dutch). Further information on the Belgian transfer pricing documentation and reporting requirements can be found here.
For more insights on CbCR and Exchange of Information, and to understand the implications for your organisation please contact: firstname.lastname@example.org.
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- Base erosion and profit shifting (BEPS)
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- Transfer pricing