OECD issues Administrative Guidance on Global Anti-Base Erosion Model Rules (Pillar 2)
On 2 February 2023, the OECD released the long-awaited Administrative Guidance on the Pillar 2 Model Rules. The GloBE Rules and Commentary consist of a coordinated system of rules designed to ensure that large MNE Groups are subject to a minimum effective tax rate of 15%. This set of rules are also to be implemented
Exposure Draft proposes disclosure requirements for Pillar 2
In December 2022, the EU Directive on Pillar 2 was published, the OECD public consultation document on the GloBE Information Return was issued and in January 2023, an Exposure Draft was published by the IASB. As a result, the timeframe in which companies subject to Pillar 2 will need to take action has been accelerated
Tax Bites Podcast: Incentives
On the foot of Russia’s invasion of Ukraine, the European energy landscape is facing unprecedented challenges. The response, on the part of the European Union and its member states, is to accelerate the energy transition. Although decarbonisation of our energy systems was always on the agenda in recent years, the current crisis accentuates the need
Tax Bites Podcast: Discussion draft on Pillar One – Amount B published
On Thursday, 8 December 2022, the OECD/G20 Inclusive Framework published another discussion draft in the two-pillar solution to address the tax challenges arising from the digitalisation of the economy. The document outlines the main design elements of Amount B, a part of the two-pillar approach that until now was relatively undefined. During this episode of
One step closer to finalising the CBAM and the EU ETS revision
Last week, the European Parliament (EP) and the Council reached a provisional agreement on the Carbon Border Adjustment Mechanism (CBAM) on 13 December, and later on 17 December on the revision of the EU Emission Trading System (ETS). These agreements represent an important milestone in the extension of the EU carbon market and the implementation
Hungary lifts veto on Pillar 2 – Council reaches unanimity
Last night the EU Council reached an agreement to implement Pillar 2 (press release) after Hungary dropped its veto on the matter. The next step is to start the written procedure and to publish the Pillar 2 Directive in the Official Journal of the EU. The envisaged timeline to implement Pillar 2 into domestic
Tax Bites Podcast: Tax certainty in an uncertain world
The recent developments in the tax arena may raise some areas of concern. In this podcast the speakers address some of the recent trends discussed with professor dr. Vikram Chand of the university of Lausanne. About the speakers: Isabel Verlinden Vikram Chand Stefaan De Baets Listen now Missed the previous episodes? You can listen again
Draft program law on corporate income tax budget measures tabled in the Chamber
In October, the Belgian Government reached an agreement on the federal budget. The draft program law including these measures has just been tabled in the Chamber of Representatives. From a corporate income tax perspective, the relevant provisions of the draft law are: Minimum tax A temporary reinforced minimum tax would be applicable until the law
