EU finalises public CbCR with structured data taking centre stage
After years of debate and development, the European Commission has taken the next major step in public country-by-country reporting (CbCR).
The final implementing regulation for CbCR disclosures was adopted at the start of this month, requiring multinationals with revenues over €750 million to report their income tax information using XHTML and Inline XBRL, beginning with financial years starting on or after 1 January 2025.
The move builds on the EU’s long standing push for greater transparency, ensuring detailed and standardised disclosures on tax payments, profits, employee counts, and other critical information. These reports will not only be published online but also presented in a machine-readable format for maximum usability. Importantly, the finalised templates and taxonomy will bring structured data to the forefront, making financial information easier to access, compare, and analyse for all stakeholders.
This regulation represents a significant milestone in global tax transparency. For businesses, the clock is ticking to adopt the necessary digital tools and processes to meet these new standards. This has been a long-running and at times controversial initiative. That said, the emphasis on structured, machine-readable formats shows that digital reporting is the future—not just for compliance, but for meaningful, accessible data.
As we get ready to send this message out we are still waiting to hear if the taxonomy is now available, but stay tuned.
Find out more about the final regulation and what it means for public CbCR here. Find the regulation here.
