Country-by-country reporting
Country-by-country reporting would require multinational companies to provide a breakdown of profits earned and taxes paid in every country where they have subsidiaries, including offshore jurisdictions. Ideally it would require disclosure of the following information by each multinational corporation in its annual financial statement:
- A global overview of the corporation (or group): The name of each country where it operates and the names of all its subsidiary companies trading in each country of operation.
- The financial performance of the group in every country where it operates, making the distinction between sales within the group and to other companies, including profits, sales, purchases and labour costs.
- The assets: All the property the company owns in that country, its value and cost to maintain.
- Tax information i.e. full details of the amounts owed and actually paid for each specific tax.
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