The amendment to the Accounting Act No. 407/2022 implements EU Directive No. 2021/2201 requiring qualifying multinational enterprises (MNEs) doing business in the EU to publicly disclose certain information on a country-by-country (CbC) basis, effective for accounting periods beginning on 22 June 2024 or later.
The requirement to prepare and publish the CbC report generally applies to the ultimate parent entity (UPE) with consolidated revenue equal to or more than €750 million for each of the last two consecutive financial years, standalone accounting entity with net turnover in excess of €750 million for each of the last two consecutive financial years, large companies controlled by an UPE accounting entity, and branches of foreign entities that meet the size criteria.
