Europe: Commission publishes proposals for country-by-country reporting and tax transparency

The European Commission yesterday published its proposals for a Directive that will require multinationals operating in the EU with global revenues exceeding EUR 750 million a year to publish information on where they make their profits and where they pay their tax in the EU on a country-by-country basis. This information would also be required in respect of those jurisdictions seen as not abiding by appropriate tax governance standards. Whilst the proposal will bring about greater disclosure, it will not introduce a framework for full and complete country-by-country reporting by multinational companies, and some information about tax paid will continue to be aggregated.

The proposed Directive will amend the Accounting Directive (Directive 2013/34/EU). For further information see: Text of the proposal (pdf) | Impact assessment: summary (pdf) and full text (pdf) | Commission press release | Fact sheet | FAQs | Press conference video recording |.