The Law No. 305/2017 was published on September 20, 2017 in the official gazette for implementing EU Directive 2016/881 on the exchange of country-by-country (CbC) reporting information among EU member states. The closing date is October 31, 2017 for submitting CbC reporting notifications to the tax administration for the fiscal year 2016. Also, the Decree of August 21, 2017, containing the CbC reporting requirements template was also published on September 20, 2017.
The Decree contains sample forms for CbC reporting, summary of income distribution, taxation and business activities under tax jurisdictions, list of all member entities resident in a tax jurisdiction, jurisdiction of incorporation, and main business activities and other information. In accordance with Law No. 305/2017, companies those are members of a multinational enterprise (MNE) group, with a consolidated group turnover more than Euro 750 mil in the fiscal year have to file the CbC report. The report is required to be submitted electronically in .xml format within 12 months after the end of the period. Note that, this .xml format need to be created by taxpayers. Both branches and permanent establishments do not need to submit the CbC report notifications and it was confirmed by the tax administration.
