• Register
Return to: Home > News > GRI receive support for tax transparency from investors

GRI receive support for tax transparency from investors

Global Reporting Initiative (GRI) recently endorsed the likelihood that taxes will be paid by businesses as common international practice after support was received from a consultation exercise, and particularly from investment organisations.

Requests from investors, governments and wider civil society have called for more corporate reporting on tax as national economies become increasingly integrated.

GRI Global Sustainability Standards Board (GSSB), GRI’s independent standard-setting body, proposed to create a reporting standard on taxes and payments to governments earlier last year.

According to GSSB, a study by investment company RobecoSAM revealed that only 17% of 830 companied reported publicly on tax payments at a country level.

A 90-day public comment period on a draft tax standard saw 43% of the 85 submissions received—and 55% of the organisations represented—come from investment companies, who collectively manage assets worth in excess of 2.5 trillion US dollars globally.

Responses included organisations such as, CPA Australia, BEPS Monitoring Group and Accountancy Europe.

GSSB chair Judy Kuszewski said: “I am pleased by the high level of engagement in our proposals for a corporate tax standard. This supports the GSSB view that there is an urgent need to ensure greater transparency of the taxes companies pay, in the various markets where they operate.

“We are pleased that investment organisations have been so strongly engaged in this process, with the largest grouping of responses coming from investors. This demonstrates just how strong the demand is for reliable data on tax reporting and its relevance to investors and their decision-making.

“We appreciate all contributions put forward, which will be carefully considered by an independent expert committee and inform the development of the new standard.”

 

By Asena Degirmenci

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.