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Belgium Willing to Implement Pillar 2 Through Enhanced Cooperation — Orbitax Tax News & Alerts

Belgian Finance Minister Vincent Van Peteghem has reportedly informed members of the Chamber of Representatives (lower house of parliament) that Belgium is willing to participate in the enhanced cooperation procedure to implement the Pillar 2 global minimum tax if Hungary does not agree to move forward on the European Commission's minimum tax proposal by the end of the year. Enhanced cooperation is a procedure where a minimum of 9 EU Member States are allowed to set up advanced integration or cooperation in a particular field within the EU, when it has become clear that the EU as a whole cannot achieve the goals of such cooperation within a reasonable period. In the field of taxation, the most notable use of enhanced cooperation is for a financial transactions tax, although this has been ongoing for several years without any conclusion.