|Author (Corporate)||European Commission|
|Series Details||COM (2016) 198|
Legislative initiative presented by the European Commission in April 2016 relating to the disclosure of income tax information by multinational enterprises.
The draft law aims to introduce public reporting requirements for the largest companies operating in the European Union (EU). It requires enterprises with global revenues exceeding €750 million a year to public key information on where they make their profits and where they pay their tax in the EU on a country-by-country basis (CBCR). The same rules would applu to non-European multinationals doing business across the EU. In addition, companies would have to publish an aggregate figure for total taxes paid outside the European Union. This proposal amends Directive 2013/34/EU (also known as the Accounting Directive), and it is closely linked to the revision of the Administrative Cooperation Directive.
This initiative is a result of a consultation conducted by the Commission on public reporting and further tax transparency in 2015. The proposal was adopted by the European Commission on 12 April 2016. The European Parliament adopted its position on 4 July 2017. Despite a number of discussions on the matter, the Council of the European Union was still unable to adopt a negotiating approach on this file.
|International Organisations||European Union [EU]|