Latest news & developments
Statutory financial statements filing deadline has passed: time for action
Belgian companies having a 31 December year-end should have deposited their statutory financial statements with the National Bank of Belgium (“NBB”) by 31 July 2024 at the very latest. Late filing results in a number of negative consequences from a financial, director’s liability and corporate income tax perspective (see below). If your company’s statutory financial
EU ETS 2: Deadline Looms for Belgian and EU Fuel Traders
One year ago, the European Union adopted a revision of the EU Emission Trading System (EU ETS) to extend its scope to new sectors and cover a larger portion of the EU’s total greenhouse gas emissions. Among other things, this reform introduced the EU ETS 2, a “cap and trade” system similar to the existing
Upcoming changes to the Belgian transfer pricing documentation forms
Transfer pricing documentation has become an integral part of the compliance obligations of Belgian entities since financial year 2016. A Belgian company (or a branch) that is a part of a multinational group will have to submit the form 275 LF (Local file) and the form 275 MF (Master file) in case one of the following
Reclaiming immovable withholding tax may reduce the cost of vacant real estate
When increased interest rates and relatively high indexation make the economic outlook uncertain, companies might look to cut unnecessary costs. Although the strong changes in indexation during 2023 seem to be mostly behind us – indexation currently averaging between 2 and 3% in Belgium – indexation still has a big impact on the tax situation
Pillar 2 notification: Administrative tolerance until 16 September
On 29 May 2024, the Royal Decree was published requiring Belgian entities of a Multinational Group to register with the Crossroads Bank of Enterprises (KBO or BCE) in order to comply with the Pillar 2 compliance formalities within 30 days after the first day of the first year in scope of Pillar 2 (or before
OECD issues a fourth package of Administrative Guidance on Global Anti-Base Erosion Model Rules (Pillar 2)
On 17 June 2024, the OECD released the fourth set of Administrative Guidance on GloBE rules, with the intention of clarifying the operation of these rules. This package follows the Administrative Guidance sets released in February, July and December last year. It is the first package of Administrative Guidance following the publication of the Consolidated
Is your company ready for the upcoming compliance deadline?
Statutory financial statements As you probably are aware, Belgian companies should annually deposit their statutory financial statements with the National Bank of Belgium. Filing should be done within 30 days after the financial accounts have been approved by the Annual General Meeting of Shareholders and no later than 7 months after the end of the
The UN Ad Hoc Committee released the Zero Draft ToR for the UN Tax Framework Convention for Public Consultation
On 7 June 2024 the Bureau of the Ad Hoc Committee (‘the Bureau’) released a Proposal for the Zero Draft Terms of Reference for the United Nations Framework Convention on International Tax Cooperation (‘the Draft Terms’). UN Member States and other stakeholders are invited to provide comments by 21 June 2024. These comments will ultimately
