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Taxation is the most important source of government revenue and as a result very important for society and its institutions. Being open and providing easily accessible information about your tax contribution may be a good way of building or rebuilding reputation and public trust.
Public tax transparency is best described as presenting easily understandable information on the broader economic contributions a taxpayer makes by paying or collecting taxes in the environment in which they operate. It’s important for each company to think strategically about what exactly it wants to disclose.
If you act now, you might have the opportunity to make an impact on broader developments in public tax transparency, because it has clearly already gained momentum. Important investors are picking up on the topic, and initiatives like the UN-supported Principles for Responsible Investment (PRI) and the Global Reporting Initiative (GRI) are including public tax transparency in their frameworks. Industry-owned action groups like The B Team Responsible Tax Principles are also pushing the topic.
Your very first step should be to decide how to respond to an increasingly transparent tax environment. The second step should be to adopt a position and start to develop a strategic response. Finding an approach to public tax transparency may be part of it.