OECD Published Guidance on Amount B
On 19 February 2024, the OECD published a report which aims to simplify and streamline the application of the arm’s length principle to in-country baseline marketing and distribution activities (the Report) (also known as Amount B under Pillar One). The first draft guidance and call for input dates back from late 2020. Quite some time
Belgian government agrees on federal budget: an overview of what you should know
After intense negotiations, the Belgian government reached an agreement on the Belgian federal budget. Addressing the ongoing energy crisis, limiting the budgetary deficit and stimulating employment are some of the key topics that have shaped the agreement. It also contains several important tax measures an overview below: Temporary Belgian minimum tax: as a result of
OECD Inclusive Framework agrees on two-pillar Approach for International Tax Framework
On 1 July 2021, the Inclusive Framework (IF) announced an agreement backed by 130 (out of 139) members of the Inclusive Framework on the two-pillar approach. This approach redesigns the international tax framework. Here’s a summary of the main points of the agreement: Pillar one Pillar One is intended to re-allocate the taxing rights of
Country-by-country reporting goes public!
On 1 June 2021, representatives of the European Parliament and the Council under EU Portuguese Presidency negotiated a Draft Directive on public country-by-country reporting (‘Public CbCR’) for big multinational groups. They provisionally reached a compromise agreement. Once this political agreement is endorsed, it requires European or non-European multinational groups or standalone undertakings to publicly disclose
Advance tax payments: first deadline of the financial year 2021
Unless a company pays its Belgian corporate income taxes due by means of timely advance tax payments during the financial year concerned, a surcharge is due on the final amount of Belgian corporate income tax due upon assessment. If advance tax payments are made, credits – which can be offset against the surcharge – are
Taxpayer relationship and tax audits in Belgium: what can we expect following the Belgian Minister of Finance’s policy note?
The Belgian Minister of Finance, Vincent Van Peteghem, has made his first official statements on the ambitions of the new government De Croo I in relation to the SPF/FOD Finance. Minister Van Peteghem, also in charge of the Coordination of the Fight against Fraud, presented his policy note on 4 November 2020 to the Belgian
Corporate tax update: Recent circular letter, advance tax payments Q3 opportunity
Considering the exceptional business environment various corporate income tax measures have been taken to sustain the liquidity and solvability position of both resident and non-resident corporate taxpayers. Advance tax payments A recent circular letter of 1 September 2020 confirmed the conditions and increased credit percentages for advance tax payments that can be made in the
General filing extension till 29 October 2020 confirmed for corporate income tax, non-resident corporate income tax and legal entity tax returns
Considering the exceptional business environment, the Minister of Finance decided to extend the initial filing due date for Assessment Year 2020 of 24 September 2020 till 29 October 2020. The extension applies to corporate income tax, non-resident corporate income tax and legal entity tax returns to be filed via BizTax. BizTax is currently operational, but
