The Council of Ministers adopted a bill amending the Corporate Income Tax Law and Individual Income Tax Law on 21 July 2015.The amending bill requires a taxpayer that is part of a multinational corporate group with annual income or expenses of at least €20 million to prepare and deliver master file and local file report containing standardized information relevant to all group members and related to transactions carried out by the taxpayer. According to the amending bill a resident entity that is part of a multinational corporate group with annual consolidated income of at least €750 million will be required to prepare a comprehensive report reflecting the activities and taxes paid in each country in which the group operates, i.e.the country-by-country reports (CbCR). It is probable that the provisions will be effective from 1 January 2017.
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