Simplifying EU rules for citizens and business: findings from the 2022 Annual Burden Survey

Today, the 12 september, the European Commission has published the 2022 Annual Burden Survey, which presents the Commission's action to simplify and modernise EU rules. > ​The European Union’s action to simplify legislation – 2022 Annual Burden survey > Findings from the 2022 Annual Burden Survey - factsheet​ It lays out the progress and concrete examples of what the Commission has achieved in the first...

Commission provides new relief to boost the competitiveness and resilience of SMEs

Today, on 12 september, the Commission is presenting a series of initiatives to address the needs of Europe's small and medium-sized enterprises (SMEs) in the current economic environment. Representing 99% of Europe's businesses, SMEs are essential drivers of Europe's green and digital transitions, but continue to face unpredictability and volatility as a result of a number of crises in recent years. The SME...

Communication on SMEs relief

Small and medium-sized enterprises (SMEs) are central to Europe's economic and social fabric. The EU's long-term prosperity depends on them. The 24 million European SMEs represent 99% of all businesses in the EU and provide two thirds of private sector jobs in the EU; they are also deeply embedded in local communities, particularly in rural...

Questions and Answers on establishing a Head Office Tax System for SMEs (HOT)

If micro, small and medium enterprises (SMEs) wish to operate cross-border, they become taxable in more than one Member State as soon as their activity abroad creates a permanent establishment. The current systems of business taxation in the EU can be complex, which means that cross-border businesses can face high tax compliance costs, as well as risks of double or over-taxation and time-consuming legal disputes....

Taxation: new proposals to simplify tax rules and reduce compliance costs for cross-border businesses

Today, on 12 september 2023, the European Commission adopted a key package of initiatives to reduce tax compliance costs for large, cross-border businesses in the European Union. Once adopted by the Council, the proposals should come into force on 1 July 2028 (for BEFIT) and as of 1 January 2026 (for the transfer pricing proposal). Today's proposal, called “Business in Europe: Framework for Income Taxation”...

Generative AI likely to augment rather than destroy jobs

The study, Generative AI and Jobs: A global analysis of potential effects on job quantity and quality , suggests that most jobs and industries are only partly exposed to automation and are more likely to be complemented rather than substituted by the latest wave of Generative AI, such as chatGPT. Therefore, the greatest impact of this technology is likely to not be job destruction but...

Circular economy: new law on more sustainable, circular and safe batteries enters into force

In line with the circularity ambitions of the European Green Deal, the Batteries Regulation is the first piece of European legislation taking a full life-cycle approach in which sourcing, manufacturing, use and recycling are addressed and enshrined in a single law. Batteries are a key technology to drive the green transition, support sustainable mobility and contribute to climate neutrality by 2050. To that end, starting...

Illustrating application of Iiesba code to technology-related services provided by auditors

Rapid advances in technology are transforming the way professional accountants conduct their work. To assist them in ethically navigating the challenges and opportunities brought by these advances, the Staff of The International Code of Ethics for Professional Accountants) (APESB) and the Staff of the International Ethics Standards Board for Accountants (IESBA) jointly released Applying the Code's Conceptual Framework to Independence: Practical Guidance...

Green, Resilient, and Inclusive Development (GRID) approach

As part of our effort to drive climate action, the WBG has a long-standing record of participating in key partnerships ​and high-level forums aimed at enhancing global efforts to address climate change. The Action Plan considers the vital importance of natural capital, biodiversity, and ecosystems services and will increase support for nature-based solutions, given their importance for both mitigation and adaptation.Supporting Green, Resilient, and...

A ROCKY RECOVERY

The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia’s invasion of Ukraine, and three years of COVID The baseline forecast is for growth to fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024. Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022...

Students and experts discuss the green jobs of tomorrow

Disclosure of tax information : Belgium receive a formal notice from the Commission - reaction

​Public country-by-country reportingon the amount of corporate taxes Directive (EU) 2021/2101 requires all multinational companies active in the EU's single market with a permanent presence in the Union and that have revenues above EUR 750 million to publish a report on the amount of corporate taxes they pay in each Member State and in non-cooperative jurisdictions. These reports also include additional information such as the...

Inflation hits real wages even as OECD jobs market remains tight

Unemployment in OECD countries, at 4.8% for the third consecutive month in May 2023, is at its lowest level since the early 1970s, with OECD-wide employment projected to continue to expand in 2023 and 2024. However, nominal wage growth, which rose 5.8% between Q1 2022 and Q1 2023, has been outpaced by inflation in 30 of 34 countries with available data, which means real wages...

OECD reports strong progress to G20 on international tax reforms

The OECD Secretary-General Tax Report to G20 Finance Ministers and Central Bank Governors highlights the historic milestone reached last week by 138 countries and jurisdictions who agreed an Outcome Statement summarising the package of deliverables developed by the Inclusive Framework on the remaining elements of the Two-Pillar Solution to Address the Tax Challenges arising from the Digitalisation of the Economy. These deliverables include a framework...

138 countries and jurisdictions agree historic milestone to implement global tax deal

On 11 juli 2023 , 138 members of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) - representing over 90% of global GDP - agreed an Outcome Statement recognising the significant progress made and allowing countries and jurisdictions to move forward with historic, major reform of the international tax system. The Two‐Pillar Solution to Address the Tax Challenges Arising from the Digitalisation...

Cyber Resilience Act: MEPs back plan to boost digital products security

New cyber resilience rules adopted on Wednesday 19 juli 2023 will establish a uniform set of cybersecurity requirements for all digital products in the European Union.Summary > More robust cybersecurity for all products with digital elements > Covers everyday products, such as connected doorbells, baby monitors and Wi-Fi routers> Security updates should be applied automatically when technically feasible Background New technologies come with new...