Thursday, August 8, 2019
Belgium's tax agency has announced that its MyMinfin portal is now open for multinational taxpayers seeking to correct errors in filed country-by-country reports.
Under Belgium's CbC reporting regime, Belgian parent companies that are part of a multinational group (and in some circumstances other specified entities) must file a country-by-country (CbC) report if the group's gross consolidated turnover is EUR750m (USD850.5m) or more.
The report must be filed within 12 months from the end of the relevant reporting period and should contain details such as aggregate information relating to the amount of revenue, profit or loss before income tax, income tax paid, income tax accrued, stated capital, accumulated earnings, number of employees, and tangible assets other than cash and cash equivalents, with regard to each jurisdiction in which the group operates.
As well as opening its online portal to accept corrections, the tax agency has released a brochure on the correction process and on the format for XML file submissions.
The tax agency said corrections should be filed where a reporting entity detects that previously sent CbC information contains an inaccuracy or omission. Further, corrections may be necessary where the tax agency, in performing an audit, detects that information previously submitted included errors or omissions, or where corrections to such files have been requested by a foreign partner jurisdiction that has received the file through automatic information exchange.