The Collection of Laws received a new addition on September 19^th when the amendment to act on international cooperation in tax administration has been added. This act is concerned with the international exchange of information, the so-called Country by Country Reporting. The amendment is to strengthen the mechanism of this exchange and it aims to make the field of tax administration more transparent.

The amendment is relevant to those Czech companies which are members of some multinational enterprise group with a consolidated revenue (that is the revenue of the whole group) exceeding EUR 750 mil.

A new obligation for these Czech companies is the obligation to submit a notification (i) and if need be also a country-by-country report which will contain selected information about the group divided by the country of origin of the member company.

Both the notification and the country-by-country report shall be submitted through a standardized form to a local specialized tax office.

The Czech member company must state in the notification which of the foreign entities is the one to submit the country-by-country report for the whole multinational corporation. The notification shall be submitted by the Czech company no later than October 31^st, 2017.

The country-by-country report will be most often provided by the parent company of the multinational; however, the law does allow for it to be a different entity as well. If a Czech company is the parent company of a multinational corporation and is to provide the country-by-country report, it shall do so no later than by the end of 2017 (this holds for cases in which the financial year of the group ended on December 31^st, 2016; in the other cases the report shall be submitted within 12 months after the end of the financial year). The first such international exchange of information will happen in