In the European Union, companies with activities in the extractive and forestry must disclose the payments they make to governments on a country-by-country basis and, where appropriate on project-by-project basis. This enhances government accountability and facilitates the adoption of the Extractive Industry Transparency Initiative by countries.
- Canada: the Commission adopted a decision on the equivalence of the reporting requirements on payments to governments in the extractive industries (country-by-country reporting) (Decision 2016/1910/EU)
- Letter from Commissioner Barnier to the US Securities and Exchange Commission on Country-By-Country Reporting by extractive industries
- Public consultation on the equivalence of third country regimes regarding the country by country reporting by extractive and forestry industries
- The Country-By-Country Reporting (Chapter 10) in the new Accounting Directive is adopted by the European Parliament and the Council of the European Union
- Adopted legislation:
- Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (Directive 2013/34/EU)
- Press release (MEMO/13/546)
- Frequently asked questions (MEMO/13/541)
- Adopted legislation:
- Commissioner Barnier welcomes European Parliament vote on the Accounting and Transparency Directives (including Country-By-Country Reporting)
- Agreement on disclosure requirements for the extractive industry and loggers of primary forests and on simpler accounting requirements for small companies:
- The Commission proposes the disclosure of payments to governments by the extractive and forestry industries. For more details, see the:
- Proposals for revision of the Accounting Directive (Chapter 9) (COM/2011/0684 final - 2011/0308 (COD))
- Proposal for an amendment to the Transparency Directive (Article 6) (COM/2011/0683 final - 2011/0307 (COD))
- Impact Assessment Summary
- Press release (IP/11/1238)
- Frequently Asked Questions (MEMO/11/734)
- Public consultation on Country by Country reporting by multinational companies
- Commission Implementing Decision (EU) 2016/1910 of 28 October 2016 on the equivalence of the reporting requirements of certain third countries on payments to governments to the requirements of Chapter 10 of Directive 2013/34/EU of the European Parliament and of the Council (Decision 2016/1910/EU)
- Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (Directive 2013/34/EU) – consolidated version
- Currently, there are no other acts yet
What is going on?
- The Commission adopted a proposal for a Directive which imposes on EU and non-EU multinational groups the publication of a yearly report on the profit and tax paid and other information. This report will enable citizens to assess the tax strategies and the contribution to welfare by multinationals.
- The European Commission launched a public consultation on the case for further corporate tax transparency, including through country-by-country reporting.