Circular 2020/C/96 on the taxable basis of foreign movable income
On July 9, 2020, the Belgian Tax Administration published the Circular 2020/C/96 with respect to the determination of taxable income in case of collection of foreign movable income. It confirms that, in case of collection of a foreign movable income, the taxable amount is determined by deducting the foreign tax effectively withheld from the foreign
Enhanced transparency for multinational enterprises: 44 tax administrations agree on CbCR and CRS information sharing system
During the 10th meeting of the OECD Forum on Tax Administration (FTA), held on 11, 12 and 13 May 2016, the heads of 44 tax administrations came to an agreement on the creation of a system that will enable the effective and efficient sharing of data gathered from the automatic exchange of information under the
EU Member States reach agreement on mandatory automatic exchange of financial information on country-by-country reporting (CbCR)
On 8 March 2016, the Member States of the European Union reached a political agreement on the automatic exchange of country-by-country reporting (CbCR) at a meeting of the Ministers of Economic and Financial Affairs in Brussels. The CbC reports contain tax-related financial information of multinational companies. The agreement is, however, still subject to the scrutiny
Agreement on automatic exchange of information within the EU
On 6 October 2015, the EU Finance Ministers reached political agreement in the Council to amend Directive 2011/16/EU on administrative cooperation in the field of taxation. The revised directive will require member states to automatically exchange a basic set of information on advance cross-border tax rulings (rulings) and advance pricing arrangements (APAs), both of which
Automatic exchange of information of advance cross-border tax rulings from 1 January 2017
On 6 October 2015, the EU Finance Ministers reached political agreement in the Council to amend the existing Directive 2011/16/EU on administrative cooperation in the field of taxation (“the Directive”). The Directive will require the Member States to automatically exchange a basic set of information on advance cross-border tax rulings (“rulings”) and advance pricing arrangements
OECD releases global standard for automatic exchange of tax information
Starting in 2012, political interest has increasingly focused on the opportunities provided by an automatic exchange of information between tax authorities. On 6 September 2013, the G20 Leaders committed to the automatic exchange of information as the new global standard and fully supported the OECD work for developing a single standard for automatic exchange of
