Welcome to our Public Country-by-Country Reporting (pCbCR) Resource Hub

Here we set out why and how multinational business should embrace tax transparency, together with the very latest news and analysis

Public Country-by-Country Reporting (pCbCR) of financial and tax information by multinational enterprise is probably the hottest topic in financial reporting right now.

Driven by legislative developments in Europe and Australia, and accounting developments in the United States, the year 2026 will be a breakthrough year for corporate pCbCR – when there will be a cascade of corporate tax transparency from thousands of businesses, based on data from 2025 and accounting preparations undertaken in 2024.

However, businesses with an ultimate parent entity outside of the EU, who have a substantial presence in Romania, need to consider their obligations much earlier. As a consequence, multinationals based in the likes of the United States, the United Kingdom, Japan and Switzerland have needed to engage in pCbCR from early 2025!

We have been tracking this first wave of tax transparency reports, with our analysis of the first 137 now published. In addition, at the bottom of this page you will find our running assessment of corporate tax transparency reports from around the world, as required by countries implementing the EU pCbCR Directive.

Paul Monaghan, Fair Tax Foundation, Chief Executive commented: “There is much to celebrate in our findings, but also causes for concern. The majority of multinationals that are impacted by the EU pCbCR Directive have implemented these new tax transparency rules with integrity and courage. Some have even taken the opportunity to go much further, and extend their reporting to all countries in which they operate and to other taxes. Others have opted to implement the directive earlier than required. On the other hand, many businesses, especially those based in the United States and Switzerland, have opted to do little or nothing. This is unfortunate, not least as robust implementation of the EU pCbCR is sure to become a prominent KPI of responsible tax conduct among investors and other stakeholders.”

A similarly earlier reporting date for corporate income tax reports applies to Croatia also. Early reporting can also be anticipated for businesses filing in Spain, where the requirement is for pCbCR to be published within six months of the closing of the balance sheet, not the standard twelve months that is in operation across most the EU and EEA.

Institutional investors, asset managers and ratings agencies are salivating at the prospect of accessing such data for the first time and being able to form a more rounded view of company tax conduct.

The legislative and accounting developments are far from perfect, but they will raise the tax transparency bar considerably and serve as a stepping on point for those multinationals who rightly decide that they may as well go ‘all in’ and embrace full and complete pCbCR, as championed by the Fair Tax Mark.

Where mandatory pCbCR has already been introduced (e.g., in connection with large European banks and extractive industries), there is evidence of reduced use of tax havens, reduced profit shifting, increased effective tax rates and increased domestic tax revenue mobilisation.

Mandatory pCbCR would enable low- and lower middle-income countries to have access to large multinationals’ CbCR data for the first time – given the majority of these countries are currently locked out of global confidential information sharing systems.

Businesses that are Fair Tax Mark accredited are well placed to transition painlessly to a world where a step change in tax transparency is increasingly an expected, if not a mandatory requirement