Public Country by Country Reporting
Representatives of the Portuguese presidency of the EU Council reached a provisional agreement on the proposed Directive on Public Country-by-Country Reporting (CBCR).
The proposals will require multinational enterprises with a total consolidated revenue of more than €750 million in each of the last two consecutive financial years to disclose publicly income tax information in each Member State.
Member States will have eighteen months to transpose the Directive into national law. The provisionally agreed text will now be submitted to the relevant bodies of the EU Council and European Parliament for political endorsement.