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The Romanian Government recently formally introduced the EU public country-by-country (CbC) requirements, transposing into the national legislation the provisions of EU Directive 2021/2101.
Order 2048/2022 requires qualifying Romanian-based multinational enterprises and multinational enterprises with subsidiaries or branches in Romania, irrespective of whether these are EU or non-EU headquartered groups, to publicly disclose certain information on a country-by-country basis. The threshold of the annual consolidated revenue is of RON 3.7 billion (equivalent of EUR 747,474,740) in each of the last two consecutive financial years.

The legislation is effective starting 1 January 2023 and applies to financial years beginning on or after 1 January 2023, which is earlier than the 22 June 2024 deadline set by the EU Directive. Following these amendments, Romania becomes the first EU Member State to officially introduce public CbC reporting obligations, with a deadline for the CbC preparation and public disclosure significantly earlier than that set by the EU Directive.