On 28 September, the EU Council adopted a directive requiring large multinationals to publicly disclose their income tax contributions and other tax-related information. Under the Directive, initially proposed by the European Commission in 2016, multinationals and their subsidiaries with annual revenues of more than €750m, which are active in more than one country, will be required to publish and make accessible the amount of tax they pay in each member state.
The adoption of the Council’s position follows a provisional agreement reached with the European Parliament in June. Once formal approval is given by the European Parliament, the directive will enter into force on the 20th day following its publication in the Official Journal of the European Union. Member states will then have 18 months from the entry into force of the directive to transpose it into national law.
On 28 September, the EU Council adopted a directive requiring large multinationals to publicly disclose their income tax contributions and other tax-related information. Under the Directive, initially proposed by the European Commission in 2016, multinationals and their subsidiaries with annual revenues of more than €750m, which are active in more than one country, will be required to publish and make accessible the amount of tax they pay in each member state.
The adoption of the Council’s position follows a provisional agreement reached with the European Parliament in June. Once formal approval is given by the European Parliament, the directive will enter into force on the 20th day following its publication in the Official Journal of the European Union. Member states will then have 18 months from the entry into force of the directive to transpose it into national law.
