MNEs Face New Australian Reporting Obligations with Public CbCR

The Australian government has recently introduced public Country-by-Country Reporting (CbCR) legislation, which will result in multinational enterprises (MNEs) facing new transparency reporting obligations. The new legislation is expected to pass Parliament relatively soon, with the new regime intended to apply to captured MNEs for financial years starting on or after July 1, 2024.

This new tax transparency measure will significantly enhance the tax information that multinational groups will need to disclose to the public. This will invite additional scrutiny from both a broader community of stakeholders as well as the Commissioner of Taxation.

Captured MNEs

Australia’s public CbCR measure applies ...