On 21 December 2023, the Belgian Chamber of Representatives passed a legislation for enacting the public Country-by-Country (CbC) reporting as required by Directive (EU) 2021/2101.
The Directive mandates that a company is subject to public Country-by-Country (CbC) reporting if its annual consolidated revenue is EUR 750 million in each of the past two consecutive financial years. The report must be published on the reporting company’s website within 12 months after the end of the fiscal period. The report must be accessible to the public for free and in at least one of the official languages of the European Union.
Other requirements include that the reporting company must file the CbC report with the National Bank of Belgium. However, the reporting company is exempted from publishing the report on its website if it references the income tax information return filed and published with the National Bank of Belgium. Reporting companies must also include the ultimate parent companies of groups or individual companies that meet the revenue threshold in their CbC reports.
The public CbC reporting requirements apply to fiscal years beginning on and after 22 June 2024.
On 13 October 2023, the Belgian Council of Ministers passed the preliminary draft law for the public country-by-country (CbC) reporting directive.
