On 7 March 2023, the government of Lithuania issued a draft law to transpose the EU Public Country-by-Country (CbC) Reporting Directive into domestic law. According to the Directive, the upcoming legislation will mandate multinational corporations within the scope of the law to make public certain tax-related data on a per-country basis, applicable to financial years commencing on or after 22 June 2024. Lithuania plans to implement the “safeguard clause,” which permits in-scope multinational groups to exclude certain information for a period of up to five years if it would place them at a considerable disadvantage. However, they must provide a valid justification for the omission.
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