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Multinationals are particularly successful in tax avoidance. A crucial step in addressing tax avoidance is to strip away the secrecy that shields this activity from public scrutiny.
A country-by-country report is a simple spreadsheet mapping out a multinational’s activity everywhere that it operates, including taxes paid. This information, if made public, would allow assessment of a corporation’s tax practices.
The Global Reporting Initiative (GRI) has developed a tax standard. While many companies have adopted this standard, it remains voluntary.
The Australian government has Commitee, through draft legislation, to make all large corporations operating in Australia publish an annual report using the GRI template.
Glenn Barnes
Jonathan Chrimes