Transfer pricing documentation has become an integral part of the compliance obligations of Belgian entities. The criteria, formalities and deadlines should therefore be followed up closely. Please find below a short summary of the obligations to be complied with by 31 December 2019. What? A Belgian entity part of a multinational group exceeding at least one
On 8 November, the Organisation for Economic Co-operation and Development (OECD) Secretariat published a Public consultation document: the Global Anti-Base Erosion Proposal (‘GloBE’) (Pillar II) which seeks stakeholders’ views on the introduction of common global minimum tax rules across the more than 130 countries participating in the OECD Inclusive Framework. Such rules would operate through top-up taxes
The proposal seeks to allocate a greater share of taxing rights to the countries where consumers/users are located – regardless of a business’ physical presence there.
On 11 September 2019, the Belgian tax administration published a Circular Letter regarding the grandfathering provision that is included in the recently introduced interest deductibility limitation (i.e. 30% EBITDA rule). The 30% EBITDA rule includes a grandfathering provision for loans that have been issued before 17 June 2016 and that have not been “fundamentally modified”
Tax dispute resolution – Belgium obtains positive peer review on its Mutual Agreement Procedure practice
Background Improving dispute resolution mechanisms as regards the application and interpretation of tax treaties is high on the agenda of the OECD and a number of countries. Under BEPS Action 14, there is a broad commitment to implement a minimum standard to strengthen the effectiveness and efficiency of Mutual Agreement Procedures (“MAP”). One of the
On July 30th 2019, the Belgian Tax Authorities (“BTA”) communicated that the portal MyMinfin has been opened for the submission of corrections to Country-by-Country Reports (“CbCR”) filed in previous years. In addition, the BTA have published practical guidelines and examples for reporting entities on how to report these corrections to previously filed CbCR. These guidelines