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Taxand Belgium presents an overview of the new transfer pricing (TP) documentation rules applicable as from Tax Year 2017.
The Belgian Parliament has enacted a series of new rules on TP documentation, which rules will have a substantial impact on the substance and format of TP documentation (Program Law of 1 July 2016 and published in the Belgian Official Gazette of 4 July 2016).
As a result of this new legislation, Belgium has joined the group of tax jurisdictions that have introduced country-specific transfer pricing requirements. Belgian resident and non-resident corporate taxpayers need to consider the new requirements and take the necessary steps and actions to comply with these in due time.
The new Belgian rules are based on international TP documentation guidelines, and more specifically on Action 13 of the OECD’s set of BEPS rules. More specifically, the new articles 321/1-7 of the Income Tax Code comply to a large extent with the three-tier TP documentation requirements imposed on multinational enterprises by the OECD guidelines : Master file, Local file and Country-by- Country Reporting.
Discover more: New transfer pricing documentation rules
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The new rules apply as from Tax Year 2017 and the required executive legislation is expected to be finalised by early October 2016.