Austria: Public country-by-country reporting implemented, draft amendments to transfer pricing guidelines
The law applies to financial years beginning after June 21, 2024.
The National Council on July 5, 2024, passed the law implementing the EU public country-by-country (CbC) reporting directive (EU Directive 2021/2101)—the Federal Act on the Publication of Country-by-Country Income Tax Information Reports (CBCR Publication Act – CbCR-VG).
The law applies to financial years beginning after June 21, 2024. For financial years that are the same as the calendar year, a public CbC report must therefore be prepared and published for the first time for 2025.
Key changes from the draft law (read TaxNewsFlash) include:
- Clarifications regarding timing issues for the reporting obligation for ultimate parent companies and unaffiliated companies (Section 4 Paragraph 1) and for subsidiaries of ultimate parent companies and branches (Section 5 Paragraph 1)
- Addition of reference for "income" to be reported to the respective applicable national law in accordance with the Accounting Directive and the accounting principles on the basis of which the financial statements were prepared (Section 9)
- Possibility to provide separate disclosure of information for other tax jurisdictions (i.e., choice to either disclose the information on an aggregated basis or separately for other tax jurisdictions (Section 10)
Draft amendments to transfer pricing guidelines
The Federal Ministry of Finance on June 14, 2024, released a draft Maintenance Decree 2024 on the Transfer Pricing Guidelines 2021, which would incorporate elements of the OECD Transfer Pricing Guidelines 2022 and make other various amendments.
Read a July 2024 report (German) prepared by the KPMG member firm in Austria