The European Commission has published the final version of the Commission Implementing Regulation (EU) 2024/2952 of 29 November 2024 in the Official Journal of the EU on 2 December 2024.
This document establishes a common template and electronic reporting formats for Public Country-by-Country (CbC) reporting in the EU under the Directive 2013/34/EU of the European Parliament and the Council.
This follows after the European Commission released a revised draft of the Commission Implementing Regulation, introducing a standardised template and electronic reporting formats for Public CbC reporting within the EU. The final version is derived from the draft template released by the European Commission on 21 October 2024.
Under the Implementing Regulation, Member States require companies – with consolidated revenue over EUR 750 million for the last two consecutive years – to prepare, publish and share a report on income tax information.
The Annex I of the regulation provides a standardised reporting template organised into four key sections:
- Section 1 – General information
- Section 2 – Overview of allocation of elements on a country-by-country basis
- Section 3 – List of subsidiaries and activities
- Section 4 –Omitted information
The Commission Implementing Regulation will take effect 20 days after publication in the Official Journal. Businesses will be required to apply its provisions to Public CbC Reports for financial years beginning on or after 1 January 2025.
