Italy Gazettes Legislative Decree Transposing EU Directive on Public CbC Reporting

The Italian Official Gazette Sept. 12 published Legislative Decree No. 128, transposing EU Directive 2021/2101, on public country-by-country (CbC) income tax reporting by specific undertakings and branches. The decree includes measures: 1) requiring parent companies with consolidated revenue exceeding 750 million euros (US$837.1 million) in each of the last two financial years, to publish annual income tax reports; 2) imposing the publication requirement on standalone companies, and on the controlled entities of non-EU parents, when the 750 million euro-threshold is similarly met; 3) requiring that the reports be published electronically within 12 months from the close of a financial year’s ...