The European Commission has just presented its proposal for introducing public country-by-country reporting for the largest companies operating in the European Union.

 

Unfortunately at the moment we have not been able to analyze the proposal yet.

 

From a press release issued by the European Commission in this respect we understand however that today's proposal will amend the Accounting Directive (Directive 2013/34/EU) to ensure that large groups publish annually a report disclosing the profit and the tax accrued and paid in each Member State on a country-by-country basis. According to a press release issued by the European Commission this information will remain available for five years. It is also stated that according to the proposal contextual information (turnover, number of employees and nature of activities) will enable an informed analysis and will have to be disclosed for every EU country in which a company is active, as well as for those tax jurisdictions that do not abide by tax good governance standards (so-called tax havens). It is also proposed that aggregate figures will also have to be provided for operations in other tax jurisdictions in the rest of the world.

 

A provisional version of the text of a Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directive 2013/34/EU as regards disclosure of income tax information by certain undertakings and branches as available on the website of the European Commission, which will open in a new window can be found here.

 

More information on the proposal including an Q&A as prepared by the European Commission can be found here.

 

 

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