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23 March 2016

EU Council publishes updated Draft Directive on implementation of country-by-country reporting

Following the March 8 meeting of the EU Finance Ministers, the Council of the European Union published the latest version of the draft directive that would implement in the European Union (EU) the Organisation for Economic Co-operation and Development (OECD) recommendations on country-by-country (CbC) reporting (the Draft Directive). The published version dated March 15 reflects the changes agreed by the EU Finance Ministers at the March 8 meeting of the Economic and Financial Affairs Council (ECOFIN). Under the Draft Directive, Member States would require CbC reports from EU and non-EU multinational groups with operations in EU Member States and consolidated group revenue of at least €750 million for financial years starting on or after January 1, 2016.

A Tax Alert prepared by Ernst & Young's EU Tax Services group, and attached below, provides additional details.

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Document ID: 2016-0551

 

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