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Council of the 
 
 

 European Union 
   
 
Brussels, 17 January 2019 
(OR. en) 
    5134/19 
 
Interinstitutional File: 
 
 
2016/0107 (COD) 
 
 
DRS 2 

COMPET 18 
 
 
ECOFIN 15 
FISC 15 
CODEC 38 
 
NOTE 
From: 
Presidency 
To: 
Delegations 
No. prev. doc.: 
13685/1/17 REV1 
Subject: 
Proposal for Directive of the European Parliament and the Council 
amending Directive 2013/34/EU as regards disclosure of income tax 
information by certain undertakings and branches (CBCR) 
- Presidency compromise proposal - State of play 
 
 
Delegations will find in the Annex a Presidency compromise text in preparation of the Working 
Party meeting on 24 January 2019. It is based on doc. 13685/1/17 REV 1, as well as delegations' 
comments after the Working Party meeting on 14 June 2018. 
Delegations are informed that changes compared to doc. 13685/1/17 REV 1 are marked in 
bold/underlined and strikethrough. 
It is understood that all delegations have a general scrutiny reservation. 
FR, SE and UK entered a parliamentary scrutiny. 
 
 
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ANNEX 
 
2016/0107 (COD) 
Proposal for a 
 
DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 
 
amending Directive 2013/34/EU as regards disclosure of income tax information by certain 
undertakings and branches 
 
(Text with EEA relevance) 
 
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 
 
Having regard to the Treaty on the Functioning of the European Union, and in particular  
Article 50(1) thereof, 
 
Having regard to the proposal from the European Commission, 
After transmission of the draft legislative act to the national parliaments, 
Having regard to the opinion of the European Economic and Social Committee1, 
Acting in accordance with the ordinary legislative procedure, 
                                                 
1 
OJ C , , p. . 
 
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Whereas: 
(1)  The Commission in its communications entitled ‘Commission Work Programme 2016 - No 
time for business as usual’2 and ‘Commission Work Programme 2015 - A New Start’3 
identified as a priority the need to respond to our societies’ call for fairness and tax 
transparency. 
 
(2)  In parallel with the work undertaken by the Council to fight corporate income tax avoidance, 
it is necessary to enhance public scrutiny of corporate income taxes borne by multinational 
undertakings carrying out activities in the Union, as this is an essential element to further 
foster corporate responsibility to contribute to the welfare of our societies, to promote a better 
informed public debate and to regain the trust of citizens of the Union in the fairness of the 
national tax systems. Such public scrutiny can be achieved by means of a report on income 
tax information, irrespective of where the ultimate parent undertaking of the multinational 
group is established. 
 
                                                 
2 
COM(2015) 610 final of 27 October 2015. 
3  
COM(2014) 910 final of 16 December 2014. 
 
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(3)  Following the European Council conclusions of 22 May 2013, a review clause was introduced 
in Directive 2013/34/EU of the European Parliament and of the Council4 requiring the 
Commission to consider the possibility of introducing an obligation on large undertakings of 
additional industry sectors to produce, on an annual basis, a country-by-country report taking 
into account the developments in the Organisation for Economic Cooperation and 
Development (OECD) and the results of related European initiatives. 
                                                 
4  
Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the 
annual financial statements, consolidated financial statements and related reports of certain 
types of undertakings, amending Directive 2006/43/EC of the European Parliament and of 
the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 
29.6.2013, p. 19). 
 
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(6)  The public should be able to scrutinise all the activities of a group when the group has certain 
establishments within the Union. For groups which carry out activities within the Union only 
through subsidiary undertakings or branches, operating subsidiaries and branches should 
publish and make accessible the report of the ultimate parent undertaking to the extent that the 
requested information is available to the subsidiary or branch. If the requested information is 
not available the subsidiary or branch should explain in the report the reasons of this 
omission. However for reasons of proportionality and effectiveness, the obligation to publish 
and make accessible the report should be limited to medium-sized or large subsidiaries 
established in the Union, or branches of a comparable size opened in a Member State. The 
scope of Directive 2013/34/EU should therefore be extended accordingly to branches opened, 
and still operating, in a Member State by an undertaking which is established outside the 
Union and which has a legal form which is comparable to the types of undertakings listed in 
Annex I of Directive 2013/34/EU. 
 
(6a)  Multinational groups, and where relevant, certain standalone undertakings, should provide the 
public with a report on income tax information when they exceed a certain size over a period 
of the last two consecutive financial years, depending on the consolidated revenue of the 
group or the revenue of the standalone undertaking. Given the wide array of financial 
reporting frameworks with which financial statements may comply, in order to determine the 
scope of application, such revenue should be defined as net turnover for undertakings 
governed by the law of a Member State and following national financial reporting framework 
of a Member State. Article 43(2)(c) of Directive 86/635/EEC and Article 66(2) of Directive 
91/674/EEC provide definitions as to the determination of the net turnover of a credit 
institution or of an insurance undertaking, respectively. For other undertakings, the revenue 
should be assessed in accordance with the financial reporting framework on the basis of 
which these financial statements are prepared. It should be noted that "revenue" has 
different definition for purposes of content of the report. 
 
 
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(6b)  At the same time it is stressed that, as concluded by the G20 and the OECD, country-by-
country reports will be helpful for high-level transfer pricing risk assessment purposes only. 
The information in the Country-by-Country Report on its own does not constitute conclusive 
evidence that transfer prices are or are not appropriate and that information should not be used 
as a substitute for a detailed transfer pricing analysis of individual transactions and prices 
based on a full functional analysis and comparability analysis. 
 
(7)  In order to avoid double reporting for the banking sector, ultimate parent undertakings and 
standalone undertakings which are subject to Directive 2013/36/EU of the European 
Parliament and of the Council5 and which include in their report prepared in accordance with 
Article 89 of Directive 2013/36/EU all its activities and, where appropriate, all the activities 
of its affiliated undertakings included in the consolidated financial statements, including 
activities not subject to the provisions of Chapter 2 of Title 1 of Part Three of 
Regulation (EU) No 575/2013 of the European Parliament and of the Council6, should be 
exempted from the reporting requirements set out in this Directive. 
 
                                                 
5  
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on 
access to the activity of credit institutions and the prudential supervision of credit 
institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 
2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338) 
6  
Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 
2013 on prudential requirements for credit institutions and investment firms and amending 
Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1). 
 
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(8)  The report on income tax information should provide information concerning all the activities 
of all the affiliated undertakings of a group consolidated by an ultimate parent undertaking or, 
depending on the circumstances, concerning all the activities of a standalone undertaking. The 
information should be limited to what is necessary to enable effective public scrutiny, in order 
to ensure that disclosure does not give rise to disproportionate risks or disadvantages for 
undertakings. For this reason, the list of required information is exhaustive. The report should 
be made accessible within 12 months after the balance sheet date. Any shorter periods for the 
publication of financial statements should not apply with regard to the report on income tax 
information. The provisions of Chapter 10a of this Directive do not affect the provisions 
regarding annual financial statements and consolidated financial statements.  
 
(8a)  In order to avoid administrative burden, when preparing a report on income tax information in 
compliance with this Directive, undertakings should be entitled to prepare the information on 
the basis of the reporting specifications laid down in Annex III, Section III, parts B and C of 
Council Directive 2011/16/EU as amended. For this reason, the report should specify the 
reporting framework used. The report might in addition include an overall narrative providing 
explanations in case of material discrepancies at group level between the amounts of taxes 
accrued and the amounts of taxes paid, taking into account corresponding amounts concerning 
previous financial years. 
 
(9)  In order to ensure a level of detail that enables citizens to better assess the contribution of 
multinational undertakings to welfare in each Member State, the information should be 
broken down by Member State. Moreover, information concerning the operations of 
multinational enterprises should also be shown with a high level of detail as regards certain 
third country tax jurisdictions which pose particular challenges. For all other third country 
operations, the information should be given in an aggregate number, unless the undertaking 
wishes to present more detailed information.  
 
 
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(9a)  It is recognised that publicly disclosing data to be included in report on income tax 
information could in certain cases be seriously prejudicial to commercial position of an 
undertaking, since it would make it possible for competitors not subjected to similar 
transparency to draw significant conclusions about its current activities. Therefore, 
undertakings should have a possibility to defer disclosing certain information for a limited 
number of years, provided they clearly disclose the deferral and give a reasoned explanation 
for it in the report. 
To be read in conjunction with Article 48c (3a). 
 
(10)  In order to strengthen responsibility vis-à-vis third parties and to ensure appropriate 
governance, the members of the administrative, management and supervisory bodies of the 
ultimate parent undertaking or standalone undertakings which are established within the 
Union and which have the obligation to draw up, publish and make accessible the report on 
income tax information, should be collectively responsible for ensuring the compliance with 
these reporting obligations. Given that members of the administrative, management and 
supervisory bodies of the subsidiaries which are established within the Union and which are 
controlled by an ultimate parent undertaking established outside the Union or the person(s) in 
charge of carrying out the disclosures formalities for the branch may have limited knowledge 
of the content of the report on income tax information prepared by the ultimate parent 
undertaking or may have limited ability to obtain such information or report from their 
ultimate parent undertaking, their responsibility to publish and make accessible the report on 
income tax information should be limited. In case this information or report is not provided, 
the subsidiary undertakings should publish and make accessible a statement as to why the 
report on income tax information could not be published and made accessible. 
 
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(11)  To ensure public awareness on the scope of and on compliance with the reporting obligations 
Member States might require that statutory auditor(s) or audit firm(s) state whether an 
undertaking is required to draw up a report on income tax information.  
 
(12)  This Directive aims to enhance transparency and public scrutiny on corporate income tax by 
adapting the existing legal framework concerning the obligations imposed on companies and 
firms in respect of the publication of reports, for the protection of the interests of members 
and others, within the meaning of Article 50(2)(g) TFEU. As the Court of Justice held, in 
particular, in Case C-97/96 Verband deutscher Daihatsu-Händler7, Article 50(2)(g) TFEU 
refers to the need to protect the interests of "others" generally, without distinguishing or 
excluding any categories falling within the ambit of that term. Moreover, the objective of 
attaining freedom of establishment, which is assigned in very broad terms to the institutions 
by Article 50(1) TFEU, cannot be circumscribed by the provisions of Article 50(2) TFEU. 
Given that this Directive does not concern the harmonisation of taxes but only obligations to 
publish reports on income tax information, Article 50(1) TFEU constitutes the appropriate 
legal basis. 
                                                 
7  
Judgement of the Court of Justice of 4 December 1997, C-97/96 Verband deutscher 
Daihatsu-Händler
 ECLI:EU:C:1997:581 
 
 
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(12a) To ensure the full functioning of the internal market and a level playing field between the 
European Union and third-country multinational enterprises, the Commission should continue 
to explore possibilities of increasing fairness and tax transparency.  
 
(14)  Since the objective of this Directive cannot be sufficiently achieved by the Member States but 
can rather, by reason of its effect, be better achieved at Union level, the Union may adopt 
measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty 
on European Union. In accordance with the principle of proportionality as set out in that 
Article, this Directive does not go beyond what is necessary in order to achieve that objective. 
 
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(15)  This Directive respects the fundamental rights and observes the principles recognised in 
particular by the Charter of Fundamental Rights of the European Union. 
 
(16)  In accordance with the Joint Political Declaration of 28 September 2011 of Member States 
and the Commission on explanatory documents8, Member States have undertaken to 
accompany, in justified cases, the notification of their transposition measures with one or 
more documents explaining the relationship between the components of a directive and the 
corresponding parts of national transposition instruments. With regard to this Directive, the 
legislator considers the transmission of such documents to be justified. 
 
(17)  Directive 2013/34/EU should therefore be amended accordingly, 
 
HAVE ADOPTED THIS DIRECTIVE: 
 
Article 1 
Amendments to Directive 2013/34/EU 
 
Directive 2013/34/EU is amended as follows: 
 
(1) 
in Article 1, the following paragraph 1a is inserted: 
 
‘1a.  The coordination measures prescribed by Articles 48a to 48e and 51 shall also apply to 
the laws, regulations and administrative provisions of the Member States relating to 
branches opened and still operated in a Member State by an undertaking which is not 
governed by the law of a Member State but which is of a legal form comparable with 
the types of undertakings listed in Annex I. Article 2 shall apply to these branches to the 
extent that Articles 48a to 48e and 51 are applicable to such branches’; 
                                                 
8 OJ C 369, 17.12.2011, p. 14. 
 
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(2) 
the following Chapter 10a is inserted: 
 
‘Chapter 10a 
Report on Income tax information 
 
Article 48a 
Definitions relating to reporting on income tax information 
 
1. 
For the purposes of this Chapter, the following definitions shall apply: 
 
(1)  ‘ultimate  parent  undertaking’  means  an  undertaking  which  draws  up  the  consolidated 
financial statements of the largest body of undertakings; 
(2)  ‘consolidated financial statements’ means the financial statements prepared by a parent 
undertaking of a group in which the assets, liabilities, equity, income and expenses are 
presented as those of a single economic entity; 
 
(3)  ‘tax  jurisdiction’  means  a  State  as  well  as  a  non-State  jurisdiction  which  has  fiscal 
autonomy in respect of corporate income tax; 
 
(4)  ‘standalone undertaking’ means an undertaking  which is  not  part of  any group within 
the meaning of Article 2 paragraph 11. 
 
2. 
For the purposes of Article 48b, the following definition shall apply: 
‘revenue’has the same meaning as:  
 
(1)  the  ‘net  turnover’,  for  undertakings  governed  by  the  law  of  a  Member  State,  and  not 
applying international accounting standards adopted on the basis of Regulation (EC) No 
1606/2002, or 
 
(2)  the ‘revenue’ as defined by or within the meaning of the financial reporting framework 
on the basis of which financial statements are prepared, for other undertakings. 
 
 
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Article 48b 
Undertakings and branches required to report on income tax information 
 
1. 
Member States shall require ultimate parent undertakings governed by their national laws 
which on their balance sheet date exceeded for each of the last two consecutive financial years 
a total consolidated revenue of EUR 750 000 000 as reflected in their consolidated financial 
statements to draw up, publish and make accessible a report on income tax information as 
regards the later of the last two consecutive financial years.  
Member States shall require undertakings governed by their national laws that are standalone 
undertakings and which on their balance sheet date exceeded for each of the last two 
consecutive financial years a total revenue of EUR 750 000  000 as reflected in their annual 
financial statements to draw up, publish and make accessible a report on income tax 
information as regards the later of the last two consecutive financial years. 
 
1a.  Member States shall not apply the rules set out in paragraph 1 to standalone undertakings, 
ultimate parent undertakings and their affiliated undertakings where such undertakings, 
including their branches, have a legal presence or a fixed place of business or a permanent 
business activity only within the territory of one single Member State and in no other tax 
jurisdiction. 
 
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2. 
Member States shall not apply the rules set out in paragraph 1 of this Article to standalone 
undertakings and ultimate parent undertakings where such undertakings or their affiliated 
undertakings disclose a report in accordance with Article 89 of Directive 2013/36/EU and 
encompass, in that report, information on all their activities and all the activities of all the 
affiliated undertakings included in the consolidated financial statement of those ultimate 
parent undertakings. 
 
3. 
Member States shall require the medium-sized and large subsidiary undertakings referred to 
in Article 3(3) and (4) that are governed by their national laws and controlled by an ultimate 
parent undertaking which on its balance sheet date exceeded for each of the last two 
consecutive financial years a total consolidated revenue of EUR 750 000 000 as reflected in 
its consolidated financial statements and which is not governed by the law of a Member State, 
to publish and make accessible a report on income tax information of that ultimate parent 
undertaking as regards the later of the last two consecutive financial years, to the extent that 
this information or report is available to the subsidiary undertaking. When this information or 
report is not available, the subsidiary undertaking shall request its ultimate parent undertaking 
not governed by the law of a Member State to provide it with all information required to 
enable it to meet its obligation. 
 
In case this information or report is not provided, the subsidiary undertakings shall publish 
and make accessible a statement as to why the report on income tax information could not be 
published and made accessible.  
 
3a.  If a subsidiary undertaking that was required to publish a statement as referred to in paragraph 
3 subparagraph 2 exceeds the threshold set out in paragraph 1 for each of the last two 
consecutive financial years, it shall also draw up, publish and make accessible its own report 
on income tax information as regards the latter of the last two consecutive financial years 
as provided for under paragraph 1 and 1a. 
 
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4. 
Member States shall require branches opened in their territories and still operated by an 
undertaking which is not governed by the law of a Member State to publish and make 
accessible a report on income tax information of the ultimate parent undertaking or the 
standalone undertaking referred to in point (a) of this paragraph as regards the later of the last 
two consecutive financial years, to the extent that this information or report is available to the 
person(s) designated to carry out the disclosure formalities referred to in Article 48e(2). When 
this information or report is not available, such person(s) shall request the ultimate parent 
undertaking not governed by the law of a Member State or the standalone undertaking 
referred to in point (a) of this paragraph to provide all information required to meet their 
obligations. In case this information or report is not provided, the branches shall publish and 
make accessible a statement as to why the report on income tax information could not be 
published and made accessible.  
 
Member States shall not apply the first subparagraph of this paragraph to branches which net 
turnover did not exceed at least for each of the last two consecutive financial years the net 
turnover threshold defined by the law of each Member State pursuant to Article 3(2). 
 
Member States shall apply the rules set out in this paragraph to a branch only where the 
following criteria are met: 
 
(a)  the undertaking that opened and still operates the branch is either an affiliated 
undertaking of a group whose ultimate parent undertaking is not governed by the law of 
a Member State and which on its balance sheet date exceeded for each of the last two 
consecutive financial years a total consolidated revenue of EUR 750 000 000 as 
reflected in its consolidated financial statements or an undertaking that is not an 
affiliated undertaking and which on its balance sheet date exceeded for each of the last 
two consecutive financial years a total revenue of EUR 750 000 000 as reflected in its 
financial statements; and 
 
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(b)  the ultimate parent undertaking referred to in point (a) does not have a medium-sized or 
large subsidiary undertaking as referred to in paragraph 3. 
 
6. 
Member States shall not apply the rules set out in paragraphs 3 and 4 of this Article where a 
report on income tax information drawn up consistently with Article 48c and: 
 
(a)  is made accessible: 
(i) 
to the public on the website of the ultimate parent undertaking not governed by 
the law of a Member State or of the standalone undertaking not governed by the 
law of a Member State; 
(ii)  in at least one of the official languages of the Union; 
(iii)  within 12 months after the balance sheet date of the financial year for which the 
report is drawn up; and 
 
(b)  identifies the name and the registered office of a single subsidiary undertaking or the 
name and the address of a single branch governed by the law of a Member State which 
has published a report in accordance with Article 48d(1). 
 
7. 
Without prejudice to paragraph 1a of this Article, Member States may require subsidiaries and 
branches governed by the law of that Member State and being controlled by one ultimate 
parent undertaking to draw up, publish and make accessible a report on income tax 
information where the sum of their revenues as reflected on their financial statements exceeds 
EUR 750 000 000 for each of the last two consecutive financial years and where no report on 
income tax information has been drawn up, published and made accessible as required by this 
Article. 
 
 
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Article 48c 
Content of the report on income tax information 
 
1. 
The report on income tax information shall include information relating to all the activities of 
the standalone undertaking or the ultimate parent undertaking, including those of all affiliated 
undertakings consolidated in the financial statement in respect of the relevant financial year. 
 
2. 
The information referred to in paragraph 1 shall be as follows: 
(-a)  the name of the ultimate parent undertaking or the standalone undertaking, financial 
year concerned and the currency used; 
(a)  a brief description of the nature of the activities; 
(b)  the number of employees which is the average number of employees during the 
financial year; 
(c)  the revenues which are:  
(i) 
the sum of the net turnover, other operating income, income from participating 
interests, excluding dividends received from affiliated undertakings, income from 
other investments and loans forming part of the fixed assets, other interest 
receivable and similar income as listed in Annexes V and VI of this Directive, or 
(ii)  the income as defined by or within the meaning of the financial reporting 
framework on the basis of which financial statements are prepared excluding 
value adjustments and dividends received from  affiliated undertakings; 
 
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(d)  the amount of profit or loss before income tax; 
(e)  the amount of income tax accrued during the relevant financial year which is the current 
tax expense recognised on taxable profits or losses of the financial year by undertakings 
and branches in the relevant tax jurisdiction; 
(f) 
the amount of income tax paid on cash basis which is the amount of income tax paid 
during the relevant financial year by undertakings and branches in the relevant tax 
jurisdiction; and 
(g)  the amount of accumulated earnings at the end of the relevant financial year. 
 
For the purposes of point (c) of the first subparagraph the revenues shall include transactions 
with related parties. 
 
For the purposes of point (e) of the first subparagraph the current tax expense shall relate only 
to the activities of an undertaking in the current financial year and shall not include deferred 
taxes or provisions for uncertain tax liabilities. 
 
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For the purposes of point (f) of the first subparagraph taxes paid shall include witholding 
taxes paid by other undertakings with respect to payments to undertakings and branches 
within a group. 
 
For the purposes of point (g) of the first subparagraph the accumulated earnings shall mean 
the sum of the profits of past financial years and the relevant financial year not decided for 
distribution. With regard to branches, accumulated earnings shall be reported by the 
undertaking which opened and still operates a branch. 
 
2a.  Member States shall permit the information listed in paragraph 2 to correspond to the 
reporting specifications referred to in Annex III, Section III, Parts B and C of Directive 
2011/16/EU.  
 
3. 
The report shall present the information referred to in paragraph 2 or 2a separately for each 
Member State. Where a Member State comprises several tax jurisdictions, the information 
shall be combined at Member State level. 
 
The report shall also present the information referred to in paragraph 2 or 2a of this Article 
separately for each tax jurisdiction which, at the end of the previous financial year, is listed in 
the EU list of non-cooperative jurisdictions for tax purposes9, unless the report explicitly 
confirms, subject to the responsibility referred to in Article 48e below, that the affiliated 
undertakings of a group governed by the laws of such tax jurisdiction do not engage directly 
in transactions with any affiliated undertaking of the same group governed by the laws of any 
Member State. 
                                                 
9  
The EU list of non-cooperative jurisdictions for tax purposes — Report by the Code of 
Conduct Group (Business taxation) suggesting amendments to the Annexes of the 
Council conclusions of 5 December 2017, including the de-listing of one jurisdiction, 
OJ C 403, 9.11.2018, p. 4–6. 

 
 
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The report shall present the information referred to in paragraph 2 or 2a on an aggregated 
basis for other tax jurisdictions. 
 
The  information  shall  be  attributed  to  each  relevant  tax  jurisdiction  on  the  basis  of  a  legal 
presence, the existence of a fixed place of business or of a permanent business activity which, 
arising from the activities of the group  or standalone undertaking, can be subject to income 
tax in that tax jurisdiction. 
Where the activities of several affiliated undertakings can be subject to income tax within a 
single tax jurisdiction, the information attributed to that tax jurisdiction shall represent the 
sum of the information relating to such activities of each affiliated undertaking and their 
branches in that tax jurisdiction. 
Information on any particular activity shall not be attributed simultaneously to more than one 
tax jurisdiction. 
 
3a.  Information otherwise required to be disclosed by paragraphs 2 and 3 of this Article may be 
omitted when its disclosure would be seriously prejudicial to the commercial position of the 
undertakings to which it relates. Any such omission shall be disclosed in the report together 
with reasoned explanation regarding its causes. 
Any information thus omitted shall be made public in a later report on income tax information 
within no more than four years from the date of its original omission. 
Information pertaining to tax jurisdictions listed in the EU list of non-cooperative jurisdictions 
for tax purposes may never be omitted. 
 
4. 
The report may include, where applicable at group level, an overall narrative providing 
explanations on material discrepancies between the amounts disclosed pursuant to points (e) 
and (f) of paragraph 2, if any, taking into account if appropriate corresponding amounts 
concerning previous financial years. 
 
6. 
The currency used in the report on income tax information shall be the currency in which the 
consolidated financial statements of the ultimate parent undertaking or the annual financial 
statements of the standalone undertaking are presented. Member States shall not require this 
report to be published in a different currency than the currency used in the financial 
statements. 
 
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However, in the case mentioned in the second subparagraph of Article 48b(3a), the subsidiary 
undertaking shall publish the report in the currency in which it publishes its annual financial 
statements.  
 
7. 
Where Member States have not adopted the euro, the threshold referred to in Article 48b(1) 
may be converted into the national currency. Such conversion must apply the exchange rate as 
at [Publications Office- set the date = the date of the entry in force of this Directive] 
published in the Official Journal of the European Union and may increase or decrease the 
thresholds by not more than 5 % in order to produce a round sum in the national currencies. 
 
The thresholds referred to in Article 48b(3) and (4) shall be converted to an equivalent 
amount in the national currency of any relevant third countries by applying the exchange rate 
as at [Publications Office - set the date = the date of the entry in force of this Directive]
rounded off to the nearest thousand. 
 
8. 
The report shall specify whether it was prepared in accordance with paragraph 2 or 2a of this 
Article. 
 
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Article 48d 
Publication and Accessibility 
 
1. 
The report on income tax information or the statement mentioned in Article 48b shall be 
published within 12 months after the balance sheet date of the financial year for which the 
report is drawn up as laid down by the laws of each Member State in accordance with Chapter 
2 of Directive 2009/101/EC and where relevant in accordance with Article 7 of Council 
Directive 89/666/EEC. 
 
1a.  The report or the statement published in accordance with paragraph 1 shall be made 
accessible to the public within 12 months after the balance sheet date of the financial year for 
which the report is drawn up: 
(a)  on the website of the undertaking when Article 48b(1) applies, or 
(b)  on the website of the subsidiary undertaking or on the website of an affiliated 
undertaking when Article 48b(3a) applies, or 
(c)  on the website of the branch or on the website of the undertaking which opened the 
branch or on the website of an affiliated undertaking when Article 48b(4) applies. 
 
1b.  Member States may exempt undertakings from applying the rules set out in paragraph 1a of 
this Article where the report published in accordance with paragraph 1 is simultaneously 
made accessible to the public on the website of the register referred to in Article 3(1) of 
Directive 2009/101/EC, free of charge to any third party located within the Union. The 
website of the undertakings and branches as referred to in paragraph 1a shall contain 
information on the exemption and the reference to the website of the relevant register. 
 
2. 
The report referred to in Article 48b(1), (3), (4) and (6) shall remain accessible on the relevant 
website for a minimum of five consecutive years. 
 
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Article 48e 
Responsibility for drawing up, publishing and making accessible the report on income tax 
information 
 
1. 
Member States shall ensure that the members of the administrative, management and 
supervisory bodies of the ultimate parent undertaking or the standalone undertakings referred 
to in Article 48b(1), or the subsidiary undertaking exceeding for each of the last two 
consecutive financial years EUR 750 000 000 of total consolidated revenue as referred to in 
Article 48b(3a), acting within the competences assigned to them under national law, have 
collective responsibility for ensuring that the report on income tax information is drawn up, 
published and made accessible in accordance with Articles 48b, 48c and 48d. 
 
2. 
Member States shall ensure that the members of the administrative, management and 
supervisory bodies of the subsidiary undertakings referred to in Article 48b(3) of this 
Directive and the person(s) designated to carry out the disclosure formalities provided for in 
Article 13 of Directive 89/666/EEC for the branch referred to in Article 48b(4) of this 
Directive, acting within the competences assigned to them by national law, have collective 
responsibility for ensuring that, to the best of their knowledge and ability, the report on 
income tax information drawn up consistently with Article 48c, is published and made 
accessible in accordance with Article 48d. 
 
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Article 48f 
Statement by statutory auditor 
 
Member States may require that, where the financial statements of an undertaking governed by the 
law of a Member State are required to be audited by one or more statutory auditor(s) or audit 
firm(s), the statutory auditor(s) or audit firm(s) state(s) in the audit report whether,  
the undertaking is required to draw up a report on income tax information in accordance with 
Article 48b. 
 
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Article 48h 
Commencement date for reporting on income tax information 
 
Member States shall ensure that laws, regulations and administrative provisions transposing  
Articles 48a to 48f apply, at the latest, from the commencement date of the first financial year 
starting on or after [Publications Office- set the date = one year after the transposition deadline]
 
Article 48i 
Report 
 
The Commission shall report on the compliance with and the impact of the reporting obligations set 
out in Articles 48a to 48f. The report shall include an evaluation of whether the report on income 
tax information delivers appropriate and proportionate results, taking into account the need to 
ensure a sufficient level of transparency and the need for a competitive environment for 
undertakings. 
 
The report shall be submitted to the European Parliament and to the Council by [Publications 
Office- set the date = five years after the transposition date of this Directive].’ 
 
(3) 
Article 49 is amended as follows: 
 
(a)  Paragraphs 2 and 3 are replaced by the following 
‘2.  The power to adopt delegated acts referred to in Article 1(2), Article 3(13) and 
Article 46(2) shall be conferred on the Commission for an indeterminate period of 
time from the date referred to in Article 54. 
 
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3. 
The delegation of power referred to in Article 1(2), Article 3(13) and Article 46(2) 
may be revoked at any time by the European Parliament or by the Council. A 
decision to revoke shall put an end to the delegation of the power specified in that 
decision. It shall take effect the day following the publication of the decision in 
the Official Journal of the European Union or at a later date specified therein. It 
shall not affect the validity of any delegated acts already in force.’ 
(b) 
The following paragraph 3a is inserted: 
‘3a.  Before adopting a delegated act, the Commission shall consult experts designated 
by each Member State in accordance with the principles laid down in the 
Interinstitutional Agreement on Better Law-Making of 13 April 2016 10.’ 
 
(c)  Paragraph 5 is replaced by the following: 
‘5.  A delegated act adopted pursuant to Article 1(2), Article 3(13) and Article 46(2) 
shall enter into force only if no objection has been expressed either by the 
European Parliament or by the Council within a period of two months of 
notification of that act to the European Parliament and the Council or if, before the 
expiry of that period, the European Parliament and the Council have both 
informed the Commission that they will not object. That period shall be extended 
by two months at the initiative of the European Parliament or of the Council.’ 
                                                 
10  
OJ L 123, p. 1. 
 
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Article 2 
Transposition 
 
1. 
Member States shall bring into force the laws, regulations and administrative provisions 
necessary to comply with this Directive by [Publications Office - set the date = two years 
after entry into force] at the latest. They shall forthwith communicate to the Commission the 
text of those provisions. 
 
When Member States adopt those provisions, they shall contain a reference to this Directive 
or be accompanied by such a reference on the occasion of their official publication. Member 
States shall determine how such reference is to be made. 
 
2. 
Member States shall communicate to the Commission the text of the main provisions of 
national law which they adopt in the field covered by this Directive. 
 
Article 3 
Entry into force 
 
This Directive shall enter into force on the twentieth day following that of its publication in the 
Official Journal of the European Union
 
Article 4 
Addressees 
 
This Directive is addressed to the Member States. 
 
Done at Strasbourg, 
 
For the European Parliament 
For the Council 
The President 
The President 
 
 
 
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