Starting from 1 January 2023, following the implementation of EU Directive 2021/2201 (“The Directive”) into Romanian legislation (Order no. 2048/2022 issued by the Ministry of Public Finance), the provisions related to the public reporting of information on Corporate Income Tax enter into force.

Main provisions

In other words, not only companies which are part of groups, but also standalone entities, must prepare, publish and give access to a report containing information on corporate income tax. This public reporting requirement relating to the corporate income tax paid in each jurisdiction, applies, according to Romanian legislation, starting with the 2023 financial year, or starting with the first financial year beginning after 1 January 2023 (in the case of entities which opted for a financial year different from the calendar one). The reports published by companies in Romania, which are part of a group, must include details of the activity of the entire group, and not only the activity carried out in Romania.

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KPMG can help your organization to meet the new requirements

Multinational companies (whether they have EU based or non-EU based ultimate parent companies) should consider whether they fall within the scope of the new rules on the so-called public Country-by-Country reporting (“public CbyC”), as implemented in Romania. Multinational companies which fall under these obligations should also build on the current Country-by-Country reporting process (“private CbyC”).

We strongly believe that, besides the quantitative reporting required by the new public EU CbC rules, the complementary qualitative aspects of publicly reported data are equally important, as these ensure increased tax transparency towards stakeholders and society as a whole.

KPMG in Romania’s tax professionals have detailed experience of supporting companies with their tax reporting and can help your company comply with the new legislation. Our specialized team (KPMG Tax Impact Reporting) can assist your tax department with respect to the data driven methodologies which can be used to accurately extract and compile the necessary information related to the Corporate Income Tax (“Public CbyC”) report, as well as related to your tax footprint, while providing assistance throughout the entire reporting process, taking full advantage of high quality technological solutions. 

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