European Parliament supports proposal to disclose Country-by Country Reporting

  • By:Corrieri Cilia Legal
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At its plenary session, on the 4th of July 2017, the European Parliament adopted the amendments to the European Commission’s proposal in respect of the disclosure of income tax information by certain undertakings and branches, also referred to as the public Country-by-Country (public CbC reporting).

Multinational companies should disclose tax information in every country in which they operate. Subsequently, multinational enterprises having a yearly consolidated turnover of €750 million or more must report their tax information on a country-by-country basis. Tax bills shall be published in a common template and disclosed by all multinational companies in each tax jurisdiction in which the enterprise or its subsidiary was operating. This data will be accessible for free and made publicly available on the company’s website. Furthermore, the firm must file a report in the public registry overseen by the European Commission.

The proposal encompasses possible exemptions in case of commercially sensitive information. Once a Member State permits an exemption, the EU Commission must be notified regarding the omitted information, along with a detailed explanation of the exemption. On an annual basis, the European Commission will issue on its website, a list of organisations which were granted an exemption.

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Posted in: International Taxation