The Italian parliament reportedly approved the 2016 Budget Law on 22 December 2015. The Budget Law includes Country-by-Country (CbC) reporting requirements in line with the guidance developed as part of Action 13 of the OECD BEPS Project.

Under the requirements, the ultimate parent entity of an MNE group that is tax resident in Italy will be required to file the CbC report if:

• It is required …