As part of our commitment to tax transparency and compliance with global and local tax regulations, Inchcape plc is publishing its Public Country-by-Country Report (“CbCR”) in accordance with the EU Directive 2021/2101, which introduces mandatory public reporting requirements for multinational enterprises (MNEs) operating within the European Union. This directive, applicable to companies with consolidated revenues exceeding €750 million, aligns with the global trend toward increased corporate tax transparency and accountability.
The EU Directive requires the disclosure of key financial information on a country-by-country basis, which includes:
- Revenues (both third-party and intra-group);
- Profit or loss before income tax;
- Income tax paid and accrued;
- Accumulated earnings;
- Number of employees;
- Description of activities in each jurisdiction.
The Directive obliges multinational groups to publish this information for each EU member state in which they operate, as well as for certain non-EU jurisdictions classified as non-cooperative for tax purposes by the EU. In all other jurisdictions, aggregated information is provided, unless these jurisdictions are considered of strategic importance to the company.
At Inchcape plc, we recognize the critical role taxes play in contributing to the economic and social development of the countries in which we operate. This disclosure reflects our commitment to transparency in tax matters and highlights our compliance with the EU’s Public CbCR obligations, which aim to enhance stakeholder understanding of where and how multinationals like ours generate profits and pay taxes.
Each EU member state will adopt and transpose The EU Directive into their local legislation over time. It is expected some member states will adopt the Directive with no exceptions and some will adopt it with some exceptions. We could therefore have multiple variations of the report to satisfy requirements for each member state. The links below take you to each respective Public CbCR.