New Disclosure Obligations for Corporations

Through the transposition of an EU directive into German law, larger corporations and GmbH & Co. KG entities will in future be required to disclose certain information on their income taxes in the commercial register (so-called Public Country by Country Reporting). The regulation applies for the first time to financial years beginning after 21 June 2024. Affected are companies whose consolidated group revenues exceed EUR 750 million worldwide in each of two consecutive financial years. The information to be disclosed includes the nature of the business activity, the number of employees, profit or loss before income taxes, as well as the income taxes payable for the reporting period and those actually paid during that period.