On June 1, an agreement between the different EU institutions concerning a public country-by-country reporting (CbCR) was reached.
According to the proposal, the CbCR shall be published publicly on the companies’ website. Under the current rules, the report must only be submitted to the tax authority. The proposal applies to multinational companies operating in the EU with global annual revenues exceeding EUR 750 million, as well as non-European companies operating in Europe.
Formal implementation of the proposal is scheduled after the summer. Once adopted, the Member States will have 18 months to implement the directive.
While details about the agreement have not yet been published, information about the original proposal can be find here.
We will follow the proposal with interest and inform you when the proposal is adopted. You are welcome to contact us if you have any questions or concerns about the above.