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Czech Republic: Country-by-country reporting data available to the general public?

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published on 1 June 2021 | reading time approx. 2 minutes


Large multinational corporate groups with a consolidated turnover of more than 750 million euro are required to report their financial and tax data to the tax authorities under so-called Country-by-Country (CBC) reporting. This applies to all of their companies. Moreover, they must also render a definition of their activities. Country-by-Country reporting constitutes the third component of transfer pricing documentation. Tax authorities use the data to assess the risks and to decide which companies they want to undergo a tax audit. 

  

 

 

 

To date, the data is non-public and is only available to the tax authorities in the countries where the group operates. However, this is about to change. The Competitiveness Council of the European Union has approved the publication of CBC reporting data, which means it will be available to the general public. 

The European Parliament's approval of the Directive is now awaited, followed by the implementation of the Directive into the local law of the Member States. 

The grounds for publication of CBC reporting data are the ever-increasing demands for greater transparency and to prevent large companies from shifting their activities to countries with lower taxation. Information on the tax payments made by gigantic corporations in individual countries will now be publicly available. 

Incidentally, the Czech Republic does not agree with the proposal for publication and voted against its adoption at the EU Council meeting together with seven other countries. 

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