Romania’s Ministry of Finance, in a release, outlined the preliminary format for public Country-by-Country (CbC) reporting.
This follows after Romania has introduced public country-by-country (CbC) reporting requirements through Order no. 2.048 of 1 September 2022 under the Directive (EU) 2021/2101. The Directive mandates that eligible multinational companies conducting business within the EU publicly disclose specific information on a country-by-country basis.
However, the reporting threshold is RON 3.7 billion instead of EUR 750 million. In addition, the CbC requirements apply to financial years starting on or after 1 January 2023 rather than 22 June 2024 as specified in the CbC Directive, which the government clarified through Order no. 1.730 of 7 June 2023.
Romania is the first EU country to mandate public CbC reports, due by 31 December 2024 for FY 2023.
As such, reporting companies have three options for the format of public CbC reports: the general format under Annex III, Section III of Council Directive 2011/16/EU of 15 February 2011, the standard template provided in Commission Implementing Regulation (EU) 2024/2952 of 29 November 2024; or a company-specific format that includes all required information.
