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Provisional agreement on CbCR public disclosure of income tax information

A provisional political agreement has been reached on the proposed directive on the disclosure of income tax information by certain undertakings and branches (the public country-by-country reporting – CBCR – directive).

The agreed text requires multinational enterprises or standalone undertakings with a total consolidated revenue of more than €750 million in each of the last two consecutive financial years, whether headquartered in the EU or outside, to disclose publicly income tax information in each member state, as well as in each third country listed in Annex I of the Council conclusions on the EU list of non-cooperative jurisdictions for tax purposes or listed for two consecutive years in Annex II of these Council conclusions.