The European Parliament formally approved the Directive on public Country-by-Country Reporting (CbCR). The CbCR Directive requires certain multinational undertakings with revenue of more than €750 million to disclose publicly the amount of tax they pay.
Multinationals and their subsidiaries with annual revenues over €750 million - and which are active in more than one EU country - will now have to publish the amount of tax they pay in each member state. This information will also need to be made publicly available on the internet, using a common template and in a machine-readable format.
The Directive will now 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. This means that businesses will need to be complying with the first provisions of the directive by mid-2024.
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