Episode 5: Recent steps towards increased tax transparency

There have been recent changes to how tax transparency should be handled. Some of these, such as the Global Reporting Initiative Standards (GRI 207) and environmental, social and corporate governance initiatives, are driven by public demand. New EC reporting requirements (such as DAC6, DAC7 and CbCR) and cooperative compliance programmes are also making a material difference to increasing levels of transparency. 

Today, transparency has become a strategic concern at board level. An organisation’s data must tell a consistent story, one that is aligned with their overall strategy. Businesses should be prepared to disclose their tax positions to both the authorities and the public. Implementing the appropriate internal governance processes and tax risk management procedures, and clearly documenting these actions, is the best way to ensure you are in a position to do this.  

In this episode, we outline the recent changes and their implications for taxpayers, and outline a best-practice approach to efficient compliance.