The Council of the EU has published a consolidated compromise proposal to introduce public country-by-country reporting (CBCR), which is being pushed by the Portugal after it assumed the presidency of the Council of the European Union on 1 January 2021.
The proposal contains a number of changes compared to the previous version, in particular relating to its purpose, with additional language now being included concerning:
the enhancement of public scrutiny of MNEs active in the EU;
the protection of the interests of third parties, including competitors and the general public; and
the limitation of CBCR to help with high-level transfer pricing risk assessment purposes only.
This proposal is due to be considered by a working party on 22 January 2021.
The Council of the EU has published a consolidated compromise proposal to introduce public country-by-country reporting (CBCR), which is being pushed by the Portugal after it assumed the presidency of the Council of the European Union on 1 January 2021.
The proposal contains a number of changes compared to the previous version, in particular relating to its purpose, with additional language now being included concerning:
the enhancement of public scrutiny of MNEs active in the EU;
the protection of the interests of third parties, including competitors and the general public; and
the limitation of CBCR to help with high-level transfer pricing risk assessment purposes only.
This proposal is due to be considered by a working party on 22 January 2021.
