Italy issued Legislative Decree No. 128 of 4 September 2024 in the Official Gazette, implementing Public Country-by-Country Reporting (PCbCR), on 12 September 2024.
Earlier, Italy’s Council of Ministers passed the draft decree on 10 June 2024.
The Legislative Decree establishes the framework for public Country-by-Country (CbC) reporting requirements under Directive (EU) 2021/2101. This includes a public reporting threshold set at an annual consolidated revenue of EUR 750 million, applicable to each of the last two consecutive financial years.
A public CbC report must be submitted to the Register of Companies within 12 months after the financial year ends and published on the entity’s website in Italian or a commonly used international finance language. The report must remain accessible for at least five years, with penalties for noncompliance ranging from EUR 10,000 to EUR 50,000.
The public Country-by-Country (CbC) reporting requirements will take effect for financial years beginning on or after 22 June 2024.
