The fifth edition of ‘Trends in Tax Transparency’, reviewing tax disclosures in the FTSE100, reveals an increase in tax transparency over the last 5 years. A few companies are making innovative disclosures and shaping the debate. Others are developing a strategic response to the changing tax transparency landscape Please see the publication below for further details.
Today’s tax professional operates in a challenging world, characterised by uncertainty, complexity and increasing scrutiny. Governments continue to balance the need to raise revenues with the desire for a tax regime which attracts and retains business and encourages it to grow. A broad range of stakeholders are asking whether companies are paying their ‘fair share of tax’ and there has been a decline in public trust, particularly in large business.
Can greater transparency rebuild trust? It is clearly important to consider the strategic response to this challenge and this will differ between companies. The report looks into the UK requirements for a public tax strategy, the latest developments in country-by-country reporting, how tax is linked to other areas of reporting (the business model and as a principal risk) and a strategic response to tax transparency.