Belgium Enacts Law Implementing Public Country-by-Country Reporting Directive
Chris Danes · February 1st 2024 · read
On 26 January 2024, Belgium enacted the law implementing the Amending Directive to the Accounting Directive (2013/34) as regards the Disclosure of Income Tax Information by Certain Undertakings and Branches (2021/2101) (the Public Country-by-Country Reporting (CbCR) Directive).
This Directive requires qualifying multinational enterprises (MNEs) doing business in the European Union to publicly disclose certain income tax information.
The deadline for EU Member States to transpose the Directive into domestic legislation was 22 June 2023. The first financial year of public reporting will be the year starting on or after 22 June 2024.
For previous reporting, see Parliament Adopts Bill Implementing Public Country-by-Country Reporting Directive (22 December 2023) and Council of Ministers Adopts Bill Implementing Public Country-by-Country Reporting Directive (26 July 2023).
The full text of the law of 8 January 2024, published in Official Gazette No. 2023048774 of 26 January 2024, is available here (in Dutch) and here (in French).
Chris Danes (Tax Partner, MHA, Global Tax Solutions) concludes “Although the first deadlines are not expected to be until at least 2026 regarding accounting period ending June 2025 and beyond, many multinationals will be nervous regarding their country-by-country information being in the public domain and being over-analysed and/or misinterpreted by stakeholders”.
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