EU - Country-by-country reporting by financial, extractive, and logging sectors 

June 26: The EU Council on 20 June 2013 approved stricter capital requirements for banks and investment firms, and country-by-country reporting of tax payments by certain EU financial institutions.

The next step would be for the rules to be published in the Official Journal of the EU (expected before 1 July 2013). Unless the reporting requirements are deferred by the European Commission, the country-by-country tax payment reporting requirements would apply from 1 January 2015.

Also on 20 June 2013, the Employment, Social Policy, Health and Consumer Affairs Council of the EU approved country-by-country reporting requirements for companies active in the extractive and logging industries based in the EU.

Read a June 2013 report [PDF 56 KB] prepared by the KPMG EU Tax Centre: Council of the EU approves country-by-country reporting requirements

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