Tax alert (25/06/2013)
Country by country reporting: a future challenge for multinationals?
On 12 June 2013, the plenary European Parliament formally adopted the amended Accounting directive and the amended Transparency directive, both of which include country by country reporting for the extractive industry and logging of primary forests (Articles 36-41 Accounting directive). The recently adopted EU country by country reporting requirements for the banking sector may also be published in the Official Journal still this month.
The European Parliament and the Commission are now considering moves to bring in country by country reporting for large companies across all sectors. Note that the agreement of both the European Parliament and Council (Member States) would be needed for these measures to become law.
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