The Australian government has released draft legislation to require certain large multinationals (known as Country by Country (CbC) reporting parent entities) to publicly disclose the information in their CbC reports broken down by jurisdiction, as well as publicly disclose other new tax and financial information (‘additional information’) - also by each jurisdiction - not currently disclosed in confidential CbC reports. If legislated, this would be the first unrestricted world-wide mandated public reporting of all CbC report data combined with additional information by jurisdiction. It would apply to any large multinational enterprise (MNE) doing business in Australia through an Australian resident entity or Australian permanent establishment, regardless of whether its group parent is an Australian or foreign entity.
International Tax and Treasury