Tax partners, Mike Lebovitz and Jenny Austin and senior advisor Warren Payne will discuss Preparing for Public CbyC and Beyond during the USCIB Emerging Trends in Tax Transparency webinar on April 26, 2023.
The pressure for expanded public disclosure of tax payments by multinationals has increased significantly. In response to ESG reporting, legislative investigations, shareholder proposals, press and analyst inquiries, many multinationals have been developing an approach to public tax disclosure. The enactment of EU public CbyC reporting has made this urgent. EU reporting will begin next year (and possibly this year for some companies). Australia, the SEC and FASB also have advanced proposals to require public CbyC disclosure.
Many companies have already begun the data collection process to prepare for public CbyC. However, data collection is only one important piece of the puzzle. Developing a transparency strategy is critical to determining how best to approach eventual disclosure taking into account a number of significant considerations including:
- the need for a global tax policy
- how public CbyC will be viewed by internal and external stakeholders
- how can a multinational control its tax narrative
- the relevance of “total tax contribution” and similar
- standards as a proactive tool to supplement public CbyC
- timing of disclosure and the benefits of a first mover advantage
- benchmarking a transparency strategy to competitors
- resources needed for transparency
- composition of a tax transparency working group
For more information, visit the event website.