Country-by-country reporting edges closer to reality
OECD set to release new guidelines on country-by-country reporting
A campaign to force companies to report their earnings country-by-country has
been backed by a key European think tank.
Guardian reports that the Organisation for Economic Co-operation and
Development (OECD), will release guidelines aimed at encouraging companies to
break down their earnings by country.
It’s hoped this will reveal the so-called corruption gap – the difference
between how much companies pay in tax and how much is funnelled through to the
local economy. The measures would also show-up how much companies pay
governments of emerging economies in tax.
The International Accounting Standards Board has been debating whether to
introduce the new standard for extractive industries.
However critics say country-by-country disclosures would be of limited
benefit and would only add to lengthy disclosures in company reports.
Read the full story:
brings country-by-country tax reporting a step closer