The EU goes for country-by-country reporting – again

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I missed this report earlier this week and am pleased to have found it, albeit a few days late.

Accountancy Daily has reported that the new EU Parliament has followed its predecessors in overwhelmingly endorsing the demand for country-by-country reporting, noting that:

Members of the European parliament have adopted a resolution urging member states to agree to new rules obliging multinationals to disclose publicly what taxes they pay in each country

The resolution, adopted by 572 votes in favour, 42 against and 21 abstentions, seeks support for legislation requiring public country-by-country reporting (CBCR) of taxes paid by multinationals. It will be followed by talks between member states and the European parliament agreeing on a final text of the rules.

EU MPs already backed the proposed legislation in 2017

Way back in 2003 I wrote country-by-country reporting in the form it has become known to celebrate my younger son finally sleeping through the night. I thought the entire audience would be the two people I shared it with then, who were Prem Sikka and John Christensen. It turned out to have a little more reach than I imagined.

The EU Commission also strongly supports county-by-country reporting, but some member states in the EU do not. Most, but not all, are tax havens. I do, however, have little doubt that its time will come.