EU: European Parliament formally adopts “public” country-by-country reporting

EU Member States will have 18 months to implement and transpose the directive into domestic law.

EU Member States will have 18 months to implement and transpose the directive.

The European Parliament today, 11 November 2021, formally adopted a directive for “public” country-by-country (CbC) reporting.

The public CbC reporting applies with regard to multinational groups operating in the EU with a total consolidated group revenue of at least €750 million.

Today’s action by the European Parliament is the last step in the directive’s adoption process. Once the directive is published in the Official Journal of the European Union (expected shortly), it will enter into force 20 days after publication. It is expected the directive could be published in December 2021.

EU Member States will have 18 months to implement and transpose the directive into domestic law. Following this, the public CbC rules will be effective.

Assuming the directive is published in December 2021, the deadline for transposition by the EU Member States would be 30 June 2023, and the rules would be applicable from June 2024 (that is, they would apply with respect to financial years starting on or after June 2024).

Read a November 2021 report prepared by KPMG’s EU Tax Centre

 

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