The Austrian National Council is considering a new law that would require large companies to publicly disclose their financial activities. The draft – titled “CBCR Publication Act – CBCR-VG (327/ME)” – was submitted by the Federal Ministry of Justice on 3 April 2024.
This move towards greater transparency is driven by the European Union’s Directive (EU) 2021/2101.
Key Points of the Draft Law:
- Applies to companies with a consolidated revenue exceeding EUR 750 million for two consecutive years.
- Includes ultimate parent companies of qualifying groups and unaffiliated companies with subsidiaries or operations in other countries.
- Covers branches and subsidiaries in Austria if the ultimate parent is not subject to EU regulations and hasn’t already published a public CbC report.
- Requires submission of the CbC (Country-by-Country) report for publication in the commercial register within 12 months of the fiscal year-end.
- Allows reports in German or English (for branches and subsidiaries).
- Mandates free public access to the report on the company website or through a link to the commercial register.
- Offers an option to temporarily omit commercially sensitive information with disclosure within five years.
The law will come into effect one day after it’s published in the Official Gazette. Additionally, the obligation for public CbC reporting will start for fiscal years commencing after 21 June 2024.
