Council of the European Union approves stricter transparency requirements for large companies

The Permanent Representatives of the Member States have mandated the Council of the European Union to enter into negotiations with the European Parliament to bring about the adoption of the proposed Directive on disclosure of corporate tax information by certain companies and branches, also known as the Country-by-Country Disclosure Directive.

Under the Directive, multinational companies and independent companies with total consolidated revenues of more than EUR 750 million in each of the last two consecutive financial years, whether they are based in the EU or in a third country, must publish in a specific report the business tax they pay in each Member State, in addition to other relevant tax information.

Member States will have two years to transpose the provisions of the Directive into national law.

The Council of the European Union will consider, together with the European Parliament, the possibility of reaching an agreement that would allow the Directive to be adopted quickly.

More information on this link.