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Andrew Cousins, a director in Duff & Phelps’ European Transfer Pricing practice, provides guidance on what needs to be considered when advising businesses on the impact of country-by-country reporting in Tax Adviser Magazine's October 2016 issue.
What is the issue?
The snowball of ever greater corporate tax transparency is seeing country-by-country reporting sweep the globe as the most immediately impactful outcome of the OECD/G20’s BEPS project.
What does it mean to me?
Disclosure of multinationals’ global distribution of profits and corporate taxes paid will inevitably be made to a much wider audience, certainly across tax administrations and potentially to the wider public, exposing companies to a dual risk of increased tax exposure and tarnished reputation.
What can I take away?
Multinationals need to consider the impact of their disclosures on tax administrations and potentially on the company’s reputation if the information is made public. Preparing a dry run of the country-by-country report now will assist businesses to identify and mitigate tax exposures, while strategies to engage with the new world of tax transparency may usefully be deployed to address reputational risk.
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