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13 December 2016

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Legislators Urge Public CbC Reporting at Tax Transparency Summit

Legislators from several jurisdictions taking part in the recent Global Tax Transparency Summit held in the UK have signed a so-called concordat on greater transparency for the international tax system. The concordat, which is an open letter to governments, includes a call for public Country-by-Country reporting. In particular, the concordat states:

"The OECD BEPS project and the EU Commission 'country-by-country reporting' initiative will lay the foundations of a modern international tax framework under which profits are taxed where economic activity and value creation occur.

But we want to enable the citizen to have access to this information. We, therefore, urge our Governments to support a measure that would show, for each tax jurisdiction in which multinational companies do business:

  • Their revenue; their profit before income tax; the income tax paid and accrued; total employment; capital; retained earnings, and tangible assets.

We would also expect companies to identify each entity in the group that is doing business in a particular tax jurisdiction and to provide an indication of the business activities in a selection of broad areas that each entity is engaged in.

We want to see this information published so that our citizens can see for themselves what tax multinationals pay so that not only will our national tax authorities see the full picture but so will our citizens."

Signatories to the concordat include legislators from Austria, Belgium, Bulgaria, Canada, Czech Republic, Demark, Finland, Germany, Hungary, Israel, Kenya, Mexico, Netherlands, Norway, Pakistan, Slovakia, and South Africa, as well as the European Parliament.

Click the following links for the summit announcement and a list of signatories to the concordat.

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