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On 1 June 2021, negotiators for the European Parliament and the Portuguese EU Council Presidency, on behalf of the Council of the EU (EU-27 Member States), provisionally reached a compromise deal on the EU’s draft Directive on public country-by-country reporting (‘Public CbCR’) for big multinational groups, according to a Council of the EU’s press release.

This political agreement, once endorsed, requires multinational groups or standalone undertakings with a total consolidated revenue of at least €750m, in that and the previous financial year, whether headquartered within the European Union or not, to publicly disclose the corporate income tax they pay in each EU Member State plus in each of the countries that are listed in Annex I of the EU list of non-cooperative jurisdictions for tax purposes (‘the EU’s blacklist’) or listed for two consecutive years in Annex II (the ‘EU’s grey list’). There is a de minimis for groups with only a small footprint in the EU.