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Simplification: Council gives final green light on the ‘Stop-the-clock’ mechanism

The Council gave its final green light today on one of the Commission’s proposals to simplify EU rules and thus boost EU competitiveness. This proposal (the so-called ‘Stop-the-clock’ directive) postpones the dates of application of certain corporate sustainability reporting and due diligence requirements, as well as the transposition deadline of the due diligence provisions. Following today’s adoption, the legislative act will be published in the...

16th sanctions package against Russia

The 16th package targets systemically important sectors of the Russian economy such as energy, trade, transport, infrastructure, and financial services. It also adds further measures aimed at tackling circumvention. To curb the risk of our sanctions being bypassed, certain provisions of the 16th package are now also mirrored in the Belarussanctions regime. The EU has in addition updated and strengthened its sanctions regimes concerning Crimea...

Investment deduction: new rules since 1 january 2025

The Federal legislator reformed the Belgian Investment Deduction (ID) regime through the Act of 12 May 2024 containing various fiscal provisions (Dutch/French). This new regime has been in effect since 1 January 2025 and applies to fixed assets acquired or created from that date. In support of this reform, the Federal Government issued two Royal Decrees on 20 December 2024, published on 30 December...

Harmful Tax Practices - OECD/G20 Base Erosion and Profit Shifting Project action 5

Under the BEPS Action 5 minimum standard, members of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) have committed to counter harmful tax practices with a focus on improving transparency. Context One part of the Action 5 minimum standard is the transparency framework for compulsory spontaneous exchange of information on certain tax rulings. The exchange on tax rulings is a critical tool...

Economic Outlook: Global growth to remain resilient in 2025 and 2026 despite significant risks

The global economy is projected to remain resilient despite significant challenges, according to the OECD’s latest Economic Outlook. The Outlook projects global GDP growth of 3.3% in 2025, up from 3.2% in 2024, and 3.3% in 2026. Inflation in the OECD is expected to ease further, from 5.4% in 2024 to 3.8% in 2025 and 3.0% in 2026, supported by the still restrictive stance of...

Focus on the OECD Secretary-General last Tax Report ...

​This report sets out recent developments in international tax reform, including on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. It also covers progress made on the implementation of the BEPS minimum standards and tax transparency, as well as updates on tax policy, tax and inequality and tax administration.​ OECD (2024), OECD Secretary-General Tax Report to G20...

EU continues to be a global leader on sustainable finance

More than three years after the first transaction of our NextGenerationEU (NGEU) Green Bonds, the EU has issued more than €65 billion of NGEU Green Bonds, setting the EU on track to becoming the largest issuer of Green Bonds in the world. In line with the announcement of President von der Leyen in her State of the Union address of 2020, the European Commission will...

Questions and Answers - Agreement on the EU Annual Budget 2025

An agreement was reached on 16 November between the European Parliament and the Council of the European Union on the EU’s annual budget for 2025 Here are some targeted questions and answers to help you understand the issues What are the priorities of the annual budget for 2025? How is the Mid-Term Revision of the MFF reflected in the annual budget for 2025? The budget...

Progress in national climate policy efforts remains insufficient to achieve 2030 targets

A significant gap in policy ambition exists between globally agreed temperature goals and the emissions reductions of national climate targets, according to a new report on countries covered by the OECD’s International Programme for Action on Climate (IPAC). OECD (2024), The Climate Action Monitor 2024, OECD Publishing, Paris, https://doi.org/10.1787/787786f6-en According to the 4th edition of the Climate Action Monitor, Nationally Determined Contributions (NDCs) currently commit...

COP29: MEPs set out their vision ahead of this year’s global climate talks

A few days ago, the Committee on the Environment, Public Health and Food Safety adopted its demands for the UN Climate Change Conference COP29. The resolution, adopted with 54 votes in favour, 23 against and four abstentions, calls on all countries to agree on a post-2025 new collective goal on climate finance at COP29. This goal should be socially fair, aligned with the polluter-pays principle,...

Applying the European sustainability reporting standards

For co-ordinated approaches on climate action, carbon pricing, and policy spillovers

Five international organisations today released a landmark report that outlines pathways for co-ordinated approaches on climate action, carbon pricing, and the cross-border effects of climate change mitigation policies with a view to achieving global climate goals.Ins and outs The report was presented on 23 October by the Joint Task Force on Climate Action, Carbon Pricing, and Policy Spillovers, convened by the World Trade Organization and...

Country-by-Country Reporting soon to become "public"

Belgium has introduced public Country-by-Country Reporting ("public CbCR") through the law of 8 January 2024 amending the Belgian Code of Companies and Associations with respect to the disclosure of income tax information by certain undertakings and branches (Dutch/ French) ("Law"), and as further set out in the Royal Decree of 18 April 2024 (Dutch/French). This new reporting legislation implements the EU Directive 2021/2101 as regards...

"Recovery Rooms" fraud : the FSMA sound the alarm

The FSMA is again warning the Belgian public against certain companies suspected of recovery room fraud. Recovery room fraud is a practice whereby fraudsters offer to help victims of investment fraud to obtain compensation for their losses or to recover their lost assets. Generally, the fraudsters contact their victims by phone or by e-mail. The FSMA has noted, however, that victims sometimes come into contact...

Report on EU trade policy's implementation and enforcement

Enforcement of trade policy delivers prosperity and growth for EU companies The value of EU trade covered by the vast network of 42 agreements with 74 partners in place in 2023 was more than €2.3 trillion, having risen by over 30% over the past five years, according to the Annual Report on the implementation and enforcement of EU trade policy published today. EU exports to...

Central bank losses: causes and consequences

​Central banks globally have recently shifted from reporting profits to recording sizeable losses. This article looks at why these losses are occurring and their potential consequences. Can central banks continue to operate efficiently? What do these losses imply for state budgets?​Article published in the Economic Review of 2024El Joueidi, S. / Vincent, E. / Wauters, J.​Since 2019, Economic Review articles have been published...