Brussels, 14/07/2014 (Agence Europe) - Until Friday 12 September, the European Commission is running a consultation on the potential economic consequences of country-by-country reporting in the capital requirements directive (Directive 2013/34/EU) for big banks.
Under the directive, member states must introduce legislation requiring big banks to publish consolidated information each year for each country (whether in the EU or outside) in which they did business in the previous tax year. From 1 July 2014, they must provide details of a) name(s), nature of activities and geographical location; b) turnover, and c) number of employees on a full time equivalent basis. From 1 January 2015, they must also provide details of tax on profit or loss; and any public subsidies received. The Commission assessment will refer to the second of the categories of information to be provided from 1 January 2015.
The Commission will report before the end of this year. (MB)