EU & International Developments / All

The text of Directive (EU) 2021/2101 (of 24 November 2021) introducing “public” country-by-country (CbC) reporting for certain undertakings and branches was published on 1 December 2021,

Focus on the ‘Fit for 55’ package,

On November 11, 2021, the European Parliament formally adopted the EU public Country-by-Country Reporting directive (the Directive), at second reading.

On October 13, 2021, the G20 Finance Ministers and Central Bank Governors issued a communique endorsing the key components of the two Pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax.

How will Irish business be impacted?

On October 8, 2021 the Inclusive Framework (IF) on Base Erosion and Profit Shifting released details of an agreement which refines the statement of July 1, 2021.

What does this mean for Irish business?

What issues should businesses consider when adapting to these new rules?

KPMG responded on 16 August to the second public consultation this year on Ireland’s adoption of Interest Limitation measures. These measures must be adopted into the Irish tax regime in line with the European Union’s (EU) Anti-Tax Avoidance Directive (ATAD).