Brussels, June 6, 2024 – WhizzBang, the European network dedicated to consumer and data protection for expatriates, commends the Belgian government’s recent enactment of a royal decree mandating public country-by-country reporting (CbCR) for large multinational enterprises. This legislative action, published on June 6, 2024, aligns with Directive (EU) 2021/2101 and signifies a substantial advancement in corporate transparency and accountability.
The decree requires multinational companies operating within Belgium, with consolidated revenues exceeding EUR 750 million, to publicly disclose specific tax and financial information on a per-country basis. This includes data on revenues, profits, taxes paid, and the number of employees in each jurisdiction. The objective is to provide stakeholders, including consumers and expatriates, with clear insights into the tax practices and economic contributions of these corporations.
Expatriates residing in Belgium often engage with multinational companies for employment and services. The enhanced transparency facilitated by public CbCR empowers expatriates to make informed decisions regarding their interactions with these entities. Access to detailed financial disclosures enables consumers to assess the ethical and economic implications of their choices, fostering a more informed and conscientious marketplace.
“The implementation of public country-by-country reporting is a commendable step toward greater corporate transparency,” stated Natália Oráviková, board member of WhizzBang Meuse-Rhine in Aachen (Germany). “Expatriates, who may face challenges in navigating the corporate landscape of a new country, will particularly benefit from the availability of detailed financial information. This initiative enhances trust and accountability, aligning with WhizzBang’s commitment to protecting consumer interests across the EU.”
WhizzBang encourages other EU member states to observe Belgium’s proactive approach in enforcing public CbCR. By adopting similar measures, countries can contribute to a more transparent and equitable economic environment, benefiting both local citizens and expatriate communities.
