The Government is seeking views from interested parties on a new EU law intended to make multinationals disclose their tax payments and activities in each member state.
Ireland had opposed the so-called country-by-country reporting proposal at an EU level which would force multinationals with revenue over €750m to be more transparent about their tax activities.
A majority of EU members states voted in favour of the proposal earlier this year with Ireland arguing that the proposal was a tax measure, which would require approval by finance ministers.
That would have necessitated unanimous support from member states.
The Directive introduces for the first-time public country-by-country reporting of corporate tax information by multinationals.
They must do so regardless of whether they are headquartered in the EU or not, and have a net turnover of more than €750m.
Companies will be obliged to report if they have done business in the EU, including through subsidiaries and branches, for each of the last two consecutive financial years.
"With the introduction of public country-by-country reporting, Ireland along with the other 26 EU member states will become global leaders in the promotion of corporate transparency," Minister of State for Trade Promotion, Digital and Company Regulation Robert Troy said.
"This is good for business, good for employees and good for the general public. I therefore urge all interested parties, including not for profit organisations, consumers, and businesses to consider the objectives of the Directive and to share their views on how the Directive should be implemented in Ireland," he added.
The Directive comes under the remit of Irish EU Commissioner, Mairead McGuinness, who holds the Financial Stability, Financial Services and Capital Markets Union portfolio at the European Commission.
The deadline for submissions to the public consultation is Friday, February 18, 2022.
The Directive enters into force tomorrow and must be transposed into Irish law by June 22, 2023.