As previously reported, the EU's Economic and Financial Affairs Council (ECOFIN) announced on 8 March 2016 that it has reached agreement on the draft EU directive requiring the exchange of Country-by-Country (CbC) reports between EU Member States ({News-2016-01-29/P/2- previous coverage}). As part of the agreement, ECOFIN reportedly included a modification proposed by Germany that MNEs with a non-EU ultimate parent company would have the option to file voluntarily for 2016, with obligatory filing starting from 2017. The modification would not affect MNEs with ultimate EU parents, which will remain required to file from 2016 as originally proposed. The draft directive...