Legal Basis for Public CbC Reporting Fails to Gain Support in EU Competitiveness Council

During a meeting of the EU Competitiveness Council held 28-29 November 2019, the Finnish presidency of the Council of the EU failed to gain support on its compromise proposal for amending the Accounting Directive (Directive 2013/34/EU) for the introduction of Public Country-by-Country (CbC) reporting requirements. Several EU Member States reportedly remain opposed to using the Accounting Directive as the legal basis for Public CbC reporting, including Austria, Croatia, Cyprus, the Czech Rep…