We’ve seen three important shifts in the tax reporting environment in the past year
March 08, 2018
Insights from PwC’s Building Public Trust in Corporate Reporting Awards 2017: Tax Reporting in the FTSE 350
As recently as a few years ago, companies’ reporting on tax was seen as a largely technical subject area. Today it’s one of the most closely-scrutinised and widely-publicised areas of corporate reporting, of interest to investors and other stakeholders alike.
Against this background, we’ve seen three important shifts in the tax reporting environment in the past year. The first is the growing global impact of the OECD’s Base Erosion and Profit Shifting framework, including country-by- country reporting to the tax authorities. The second is the requirement for large UK companies to make their tax strategy public. The third is the response to the thematic review of tax practices by the Financial Reporting Council (FRC).
So, how are companies responding? We are seeing a number of companies go beyond the regulatory requirements to publish voluntary disclosures on tax, helping to increase transparency, understanding and – hopefully – trust.
The companies doing this include our nominees for this year’s Building Public Trust in Corporate Reporting Award for Tax Reporting in the FTSE 350 each of which exhibits a commitment to telling a clear, coherent story about tax. To find out more about what the leaders are doing, please click through and read the judges’ comments.
And if you’d like feedback on how your organisation scored in this year’s assessment of tax reporting across the FTSE, please get in touch by sending an email to [email protected]
Visit our insights into the tax transparency debate.