On 26 January 2024, Belgium announced the introduction of public country-by-country reporting (CbCR) in the Official Gazette. The new law aligns with the EU Directive 2021/2101 or the EU Public CbCR Directive.
On 1 December 2021, the European Union published the EU Public CbCR Directive in its Official Journal. The Directive came into effect on 21 December 2021. In accordance with the Directive, EU Member States must incorporate it into national law by 22 June 2023. The new rules are incorporated into the Belgian Code for Companies and Associations (BCCA) and apply to financial years commencing on or after 22 June 2024.
The new law closely aligns with the EU Public CbCR Directive. It includes the Public CbCR requirements for Belgian undertakings, as well as specifying the timing, location, and responsible party for publication. Additionally, the BCCA introduces penalties for noncompliance with the new Public CbCR requirements and mandates auditors to include a statement in their audit report regarding Public CbCR.
The implementation of the EU Public Country-by-Country Reporting Directive into Belgian legislation will affect multinational enterprises (MNEs) based in Belgium and non-EU MNEs operating in Belgium through a branch or subsidiary.
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.
