On August 1, 2024 the European Commission released a draft version of a Commission Implementing Regulation laying down a common template and electronic reporting formats for the application of Directive 2013/34/EU of the European Parliament and of the Council as regards the information to be presented in reports on income tax information for feedback. Together with this Commission Implementing Regulation the European Commission also released for Annexes for feedback.

The consultation period runs from August 1, 2024 until August 29, 2024  (midnight Brussels time).

The Implementing Regulation arranges that undertakings shall apply this Regulation to reports on income tax information for the financial years starting on, or after January 1, 2025.

As stated 4 Annexes were released together with the Implementing Regulation. These Annexes contain:

• Annex I – Common template for the report on income tax information, which contains the following 5 sections:
  • Section 1 – General information;
  • Section 2 – Overview of allocation of elements on a country-by-country basis;
  • Section 3 – List of subsidiaries and activities;
  • Section 4 – Temporarily omitted information;
  • Section 5 (non mandatory) – Explanations for material discrepancies between income tax paid and accrued;
• Annex II – Applicable XBRL specifications;
• Annex III – Marking up and filing requirements; and
• Annex IV – Taxonomy elements, which contains the following 2 elements:
  • Table 1 – Legend for the element type and attributes; and
  • Table 2 - List of taxonomy elements.

More information on the consultation containing a links to both the draft text of the Commission Implementing Regulation and the annexes as well as a link via which you can provide feedback can be found here.

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