The European Commission (EC) initiated a public consultation regarding a standardised template and electronic formats for public country-by-country (CbC) reports on 1 August, 2024.

Under this initiative, large multinational corporations operating within the EU must disclose information regarding the corporate taxes they pay, along with relevant contextual details, through annual country-by-country reports.

According to Article 48b(1) of Directive 2013/34/EU, Member States are to require undertakings to draw up, publish, and make accessible a report on income tax information as regards the latter of the two consecutive financial years in each of which the consolidated revenue on their balance sheet date exceeded a total of EUR 750 million.

Stakeholders interested in participating are encouraged to submit their feedback by 29 August, 2024.

The EC aims to finalise the template by the end of the third quarter of 2024.