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European Union

11 March 2016

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Proposed ECOFIN Modification to EU Directive for the Exchange of CbC Reports Includes Optional Filing for Non-EU Parents for 2016

As previously reported, the EU's Economic and Financial Affairs Council (ECOFIN) announced on 8 March 2016 that it has reached agreement on the draft EU directive requiring the exchange of Country-by-Country (CbC) reports between EU Member States (previous coverage). As part of the agreement, ECOFIN reportedly included a modification proposed by Germany that MNEs with a non-EU ultimate parent company would have the option to file voluntarily for 2016, with obligatory filing starting from 2017. The modification would not affect MNEs with ultimate EU parents, which will remain required to file from 2016 as originally proposed. The draft directive as modified by ECOFIN will need to be adopted by the European Parliament before being adopted definitively by the Council.

Regardless of whether the draft directive is eventually adopted with or without the modification introduced by ECOFIN, non-EU MNEs may still be required to prepare and file CbC reports starting from 2016 under the national legislations of the various EU Member States that have already implemented or have committed to implement CbC reporting starting from 2016.

The EU Member States that have already adopted CbC reporting nationally from 2016 include the UK, France, Ireland, Poland, Italy, Spain and the Netherlands. Denmark has also adopted CbC reporting requirement from 2016, although for MNEs with a non-resident ultimate parent, the requirement applies from 2017.

EU Member States that have committed to adopt CbC reporting nationally by signing up to the Multilateral Competent Authority Agreement for the automatic exchange of CbC reports (previous coverage) include Belgium, the Czech Republic, Estonia, Finland, Germany, Greece, Luxembourg, Portugal, the Slovak Republic, Slovenia and Sweden.

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