EU Corporations tax data to be unveiled to public

The European Parliament announced on 11 November 2021 adoption of a CBCR directive (public country by country reporting). The new directive applies to multinational groups (MNE groups) operating in EU which revenues exceeds EUR 750 million within consolidated group.

Tax related data of such groups should already be reported to Tax Authorities, but the directive strives to make some of the reported information available also to public, following the trend of uncovering taxes paid on profits made by MNE Groups.

It is still unclear how the data will be accessible as EU Parliament is yet to clarify it.

All EU Member States have to implement the directive into the domestic law within 18 months after its publication.

The directive will come into force in 20 days after its publishing in the Official EU Journal, presumably December 2021. First report is expected to take place by 2024.