Frequently Asked Questions
Here are the answers to the most frequently asked questions about the new profit tax rules for multinationals in 2024.
What are the new profit tax rules for multinationals in 2024?
Starting June 22, 2024, multinationals will be subject to new reporting obligations in terms of profit tax, in accordance with Order No. 2023-483 transposing European Directive 2021/2101 on public CbCR.
What is Public CbCR and how does it affect multinationals?
Public CbCR, or Country by Country Reporting, is a new reporting obligation that will require multinationals to publish a report on profits and taxes paid in each country where they operate. This entails increased transparency and could influence the tax management of companies.
Who is affected by these new reporting obligations?
Business leaders, CFOs, accountants, and bookkeepers need to prepare for these changes. Multinational companies will need to adjust their accounting and tax practices to comply with the new rules.
What are the consequences for multinationals in case of non-compliance?
Failure to comply with the new public CbCR obligations can result in financial and legal penalties. Companies must therefore be prepared and well-informed to avoid these risks. For more information on tax implications, see our article on tax audit definition.
How to prepare for the new tax rules in 2024?
It is essential for multinational companies to consult tax experts to plan their strategy and implement the necessary changes to their tax filings. We recommend reading our article on Finance Law 2024 tax audit transfer pricing for more details.
What support is available for companies?
Companies can turn to firms specializing in international taxation for support. To understand international taxation in more detail, refer to our article on international taxation definition.
