Public Country-By-Country Reporting / Corporate tax transparency by International Financial Securities Regulatory Commission
With the rules on country-by-country reporting, the EU has created a framework where businesses in the extractive and logging industries have to publish their payments to governments relating to the exploitation of natural resources. This will assist populations of resource-rich countries to hold their governments accountable for these proceeds. In addition, a country-by-country reporting is also required from EU credit institutions (banks). This will ensure that trust in the financial sector is regained. On 12 April 2016, the Commission adopted a proposal for a Directive which imposes on EU and non-EU multinational groups the publication of a yearly report on the profit and tax paid and other information.
Published Monday, August 15, 2016 by Anthony Evans
2 pages