The purpose of this article is to inform readers about the proposed introduction of the obligation for transnational corporations (TNCs) operating in the European Union to publish country-by-country reporting (CBCR). To understand the role of public CBCR, we briefly review the history of the development of the CBCR concept, analyze the results of public discussions that followed the publication of the EU draft directive on public CBCR, and summarize the viewpoints expressed by TNCs, representatives of civil society and officials on the published draft. At the end of the article, some assumptions are made about the prospects for enactment of this draft legislation and the immediate obvious consequences of the implementation of its provisions.