EU: Update on "public" country-by-country reporting
The transposition deadline and date of application would depend on the date when the directive is official adopted and published.
The next step in the process is for the European Parliament to adopt the directive.
The competitiveness configuration (COMPET) of the EU Council on 28 September 2021 adopted the Council's position at first reading on the EU "public" country-by-country (CbC) reporting directive.
The next step in the process is for the European Parliament to adopt the directive—expected in October 2021. Following this, the directive would be published in the Official Journal of the EU and would enter into force on the 20th day following the date of its publication. EU Member States would have 18 months to transpose the directive into national law.
The transposition deadline and date of application, therefore, would depend on the date when the directive is official adopted and published. For example, if the final text enters into force in November 2021, EU Member States would have until May 2023 to transpose the directive into domestic law, and the rules would become applicable from May 2024.
For calendar year taxpayers, the reporting obligation would be due with respect to financial year 2025, with a report due 12 months after the end of the balance sheet date. EU Member States, however, can apply the rules earlier than the set deadline.
Read a September 2021 report prepared by KPMG’s EU Tax Centre
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