Luxembourg: New step towards the adoption of the public country-by-country reporting directive

On 1 June, the EU Council reached a provisional political agreement with the European Parliament’s negotiating team on the proposed directive on the disclosure of income tax information by certain undertakings and branches, referred to as the public country-by-country reporting directive.

Under the proposed public CBCR directive, EU 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 not, would be obliged to publicly disclose income tax information.

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