Tom Maguire: Groups must be braced for a brave new world of corporate tax reporting

Multinational groups should consider the impact of the imminent public reporting sooner rather than later

Political agreement has been reached on the proposed public country-by-country reporting initiative at EU level. Picture: Getty

Earlier this month, it was announced that political agreement had been reached on the proposed public country-by-country reporting initiative at EU level. Tax matters in the EU generally require unanimity of agreement between member states, but this was treated as an accounting matter that merely required a qualified majority rather than an “all for one and one for all” type approach.

The final “compromise text” will require multinationals with large EU subsidiaries or branches and ...