Spain published on 22 December 22022, in the Spanish Official State Gazette, Law 28/2022, which introduces the obligation for certain companies and branches established in Spanish territory to publish certain information relating to corporate income tax (country-by-country (CbC) report).
Through this law, the Spanish legislator transposed into domestic legislation the content of EU Directive 2021/2101 of 24 November 2021, which amends EU Directive 2013/34 with regard to the disclosure of information relating to corporate income tax by certain companies and branches, and which represents a substantial increase in reporting
obligations for large multinational groups.
Action item: The new obligation may have a significant impact on multinationals with presence in Spain. Accordingly, multinationals should analyze and anticipate the potential implications that may arise as a result of the information reported - not only from the tax authorities, but also from investors, creditors, or the general public - once access to the information becomes public.