The lower house of the parliament in France adopted an amendment to the Finance Bill for 2016 on 12 November 2015. The amended Finance Bill introduces a country-by-country reporting requirement for multinational companies which will be applicable for financial years beginning on or after 1 January 2016.
According to the amended Bill parent companies of multinational groups with annual consolidated turnover of at least EUR 750 million would be required to file a country-by-country report within 12 months following the end of the fiscal year and failure to file this report would be subject to a €100,000 penalty.
