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RBF numérique 2023/01

  • Lundi 30/1/2023

    Dit artikel is gebaseerd op de uiteenzetting van Vice-eerste minister en minister van Financiën Vincent Van Peteghem voor het Belgisch Financieel Forum op 11 januari 2023 in Kortrijk.

  • Lundi 30/1/2023

    On November 25th, 2022, Marco Buti, head of Cabinet of Paolo Gentiloni, EU Commissioner for the Economy, presented the view of the European Commission on the current European fiscal rules and how they are to be reinforced, at a Conference organised by the Belgian Financial Forum, a platform organisation for the Belgian financial sector represented by Febelfin, Assuralia, and FSMA, and with the support of the National Bank of Belgium (NBB).

     

     

  • Lundi 30/1/2023

    With its just-published ideas for reforming the European fiscal framework, the European Commission (EC) is taking a step in the right direction. Replacing almost all existing complex rules with a norm for spending that is directly impacted by policymakers represents a drastic simplification and sharpens the accountability of policymakers. Integrating fiscal policy, economic reform, investment plans, and, where applicable, macroeconomic stability into a single policy plan with a medium-term focus can enhance policy coordination. By including country-specific public debt reduction requirements in that multi-year plan, considering the sustainability risks of existing public debt, fiscal consolidation objectives and the strengthening of economic growth potential can, in principle, be reconciled. Thus, tricky issues in the current framework are remediated.

     

    But the new way of working would also create new, complex, and sometimes politically charged discussions, with margin for discretionary decisions. The EC's role in the new policy framework is similar to its role in allocating NextGenerationEU support to member states. The EC consolidates and expands that role, inevitably further increasing its political character, with no proposals to strengthen its democratic legitimacy. There are also no proposals for a larger central budget (fiscal capacity) - a necessary cornerstone for a stable currency union. Thus, the EC’s ideas do not bring the missing link for a fully-fledged, stable currency union. They are a step in the right direction, but certainly not the final step.

  • Lundi 30/1/2023
    Ruben Schoonackers

    The need to step up coordination around corporate taxation has returned to the forefront in recent years. The underlying article discusses the OECD approach to rethink the international corporate tax framework: the main elements of the two-pillar solution, the resulting tax revenue and other economic effects are discussed as well as some other -more general- reflections on its blueprint. All in all, the article argues that the two-pillar solution will effectively deliver what it was designed to do i.e., to reduce tax competition between countries, to reinstate the link between the place where taxes are paid and the place where value is created and to ensure that large multinationals pay their fair share of tax.