The European Commission has released a revised draft of the Commission Implementing Regulation, establishing a standardised template and electronic reporting formats for Public Country-by-Country (CbC) reporting within the EU.
This initiative aimed to encourage large multinational corporations operating in the EU to disclose information on the corporate taxes they pay, including contextual information, in the form of annual “country by country” reports. It introduced a common template and electronic formats for these reports.
Under Article 48b(1) of Directive 2013/34/EU, Member States require undertakings to draw up, publish, and make accessible a report on income tax information for the latter of the two consecutive financial years in each of which the consolidated revenue on their balance sheet date exceeded EUR 750 million.
Earlier, a public consultation on the draft regulation was held in August, 2024, which concluded in September of this year.
