EU member states have provisionally reached political agreement on the draft EU Directive on public country-by-country reporting. The Directive would require MNCs with total revenue of at least €750m to publicly disclose annually the corporate tax paid in each EU member state and the countries on the EU list of non-cooperative tax jurisdictions. According to the draft political agreement, member states will have up to 18 months to implement the Directive into domestic law and the first reporting deadline would likely apply for the first financial year starting on or after at least one year after the implementation deadline. The new reporting obligations will be introduced via a new Chapter 10a to be inserted into Directive 2013/34/EU.
EU member states have provisionally reached political agreement on the draft EU Directive on public country-by-country reporting. The Directive would require MNCs with total revenue of at least €750m to publicly disclose annually the corporate tax paid in each EU member state and the countries on the EU list of non-cooperative tax jurisdictions. According to the draft political agreement, member states will have up to 18 months to implement the Directive into domestic law and the first reporting deadline would likely apply for the first financial year starting on or after at least one year after the implementation deadline. The new reporting obligations will be introduced via a new Chapter 10a to be inserted into Directive 2013/34/EU.
