Tax Bites Podcast – What’s going on at the UN? The draft Terms of Reference for negotiating a Framework Convention on International Tax Cooperation
In this episode, we share our first impressions on the ‘Zero Draft’ Terms of Reference (ToR) for a UN Framework Convention on International Tax Cooperation released by the United Nations (UN) on 7 June 2024. Furthermore, we provide a brief overview of other important international and European tax developments. Tune in to get our first take on
Pillar 2 rules in an M&A context: time for action!
The OECD’s Pillar 2 rules have introduced a global minimum effective taxation of 15% for multinational enterprises or large domestic groups. Urgent action should be taken by all groups subject to the new mandatory pillar 2 notification, which is due by 13 July 2024. But also in transactions, the potential impact of pillar 2 should
Royal Decree on Public Country by Country Reporting published
On 6 June 2024, the Royal Decree on public country by country reporting (PCbCR) was published in the Belgian official gazette (See also our earlier messages on the introduction of public country by country reporting in Belgium of 4 June 2021 and 17 November 2023). This Royal Decree modifies the Royal Decree of 29 April
Short-term deposits volumes are peaking in the Euro Area. How can an internal cash pool play a role?
Recent data published by the European Central Bank (“ECB”) indicates that the volume of short-term deposits made by non-financial companies (“NFCs”) in the euro area is reaching its peak. Similar trends are observed from the intra-group perspective, when international groups opt for an internal cash pool as one of the cash management solutions. In order
Belgian law amending the investment deduction and innovation income deduction regime published in the Official Gazette
On 29 May 2024, the law of 12 May 2024 containing various tax provisions was published in the Belgian Official Gazette. This law implements several changes to the regime of the investment deduction and the innovation income deduction (IID). Key features of the new legislation are summarized below. For more information, we refer to our
The first Belgian Pillar 2 compliance milestone is out: notification at the Crossroads Bank of Enterprises (KBO/BCE)
Last year, Belgium officially enforced the Pillar 2 rules introducing a minimum tax for multinational companies and large domestic groups further to the publication of the law in the Belgian Official Gazette (Belgisch Staatsblad / Moniteur Belge) in December 2023. To comply with the requirements, groups in scope of the rules have to register at
VAT in the Digital Age (ViDA): no EU approval yet
What happened? On 14 May 2024, after extensive consultation and negotiation, the EU Finance Ministers at ECOFIN debated the revised VAT in the Digital Age (ViDA) package released by the European Commission (EC) on 8 May 2024. During the ECOFIN debate, one Member State raised a concern in relation to the platform rules and this
External financing is increasingly more difficult to obtain. How does it impact transfer pricing policies?
According to the latest update of the quarterly bank lending survey of the European Central Bank (“ECB”), the loan application rejection rate within the Eurosystem continued to increase during the first quarter of 2024, albeit at a slower rate than the previous quarter. In addition, Euro area banks reported a small further net tightening of
