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Governance & Tax Transparency

Tax transparency falls within both the S and G of the ESG agenda. From a social perspective, how much tax is being paid and where, and what tax strategies are being followed by companies globally?

Explore Governance & Tax Transparency

Tax transparency falls within both the S and G of the ESG agenda. From a social perspective, how much tax is being paid and where, and what tax strategies are being followed by companies globally? From a governance perspective, what are the policies in place, how are they being enforced, and who is ultimately responsible?

While the pressure in different geographical regions varies, market forces are demanding that companies reflect on and explain their corporate purpose and contribution to society, with expectations coming from the public, investors, customers, employees, governments and the international tax community.

As a result, there are a significant number of tax transparency initiatives. Some of these are voluntary, such as the Global Reporting Initiative (GRI) standard 207 or the World Economic Forum’s metric reflected in the Stakeholder Capitalism White Paper – both released in 2020. Others are mandatory in certain sectors or geographies, such as the Extractive Industries Transparency Initiative, the EU regime for financial institutions in the Capital Requirement Directive IV or the proposals to include country by country reporting (CBCR) in the EU Accounting Directive.

Some companies have fully embraced CBCR but many others still only report what they are legally required to do. Becoming more tax transparent requires a journey but raises many questions about the cost and systems involved, the usefulness of information to users, and potential confidentiality concerns.

Nevertheless, in order to stay competitive in market, businesses must respond to the increased focus on tax strategies, policies, reporting and risk management in connection with responsible investments. In today’s environment, investors are seeking to act more responsibly, and with tax being at the heart of governance and accountability within a business, it’s clear that tax transparency will remain at the top of leadership agendas globally for quite some time.

Tax transparency is a theme being increasingly explored through our Global Responsible Tax Program and will continue to be as the world becomes more interconnected and the discussion about who pays tax intensifies.

Explore Governance & Tax Transparency

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Understanding tax transparency

To help organizations and other key stakeholders explore and understand the tax transparency landscape, KPMG’s Responsible Tax Project hosted a webinar on the 24 June 2021 titled, 'Understanding tax transparency'.

26 Nov 2021
12 min
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Global Responsible Tax: Summer Newsletter

When KMPG International, in collaboration with Jericho Chambers, kicked off the Global Responsible Tax Project over six years ago, it was a challenge to gain traction. Now, global tax is on everyone’s agenda – from COP26 to the OECD, the EU, the G7 and G20.

09 Sep 2021
1 min
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Travelling towards greater tax transparency

From a low base, an acceptance that the direction of travel is greater tax transparency

18 Jul 2021
3 min
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Responsible tax and transparency

Carl Dolan, Director, Transparency International discusses his views on responsible tax and transparency.

13 Apr 2021
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Tax Policy Considerations in the Wake of COVID-19

Response from Ewan Livingston, The B Team, February 2021

12 Mar 2021
2 min
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Comments on OECD Public Consultation Document Reports on the Pillar One and Pillar Two Blueprints

21 Dec 2020
1 min
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Discussion: OECD and KPMG discuss the complexities of tax morality

Grace Perez-Navarro, deputy director of the OECD's Centre for Tax Policy and Administration, and Jane McCormick, Global Head of Tax & Legal Services, KPMG International, discuss what it means to be ‘morally’ tax compliant.

01 May 2020
9 min
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Business life after COVID-19: Who pays and how?

A Global Responsible Tax Response Tread Carefully. Don’t Rush To Tax. There is a Better Future.

30 Apr 2020
2 min
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Comments on the Public Consultation Document - Review of Country-by-Country Reporting (BEPS Action 13)

Professionals in the member firms of KPMG International (“KPMG”) welcome the opportunity to comment on the OECD’s public consultation document entitled “Public Consultation Document: Review of the Country-by-Country Reporting (BEPS Action 13)” released on February 6, 2020 (the “Consultation Document”).

11 Mar 2020
14 min
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The Global Responsible Tax Project, Tax and trust

In her article on the challenges facing public trust in our global tax system, in which specific criticism is levelled at the UK’s Crown Dependencies and Overseas Territories, Dame Margaret Hodge conflates two distinct issues – tax transparency and publicly accessible registers of company beneficial ownership.

22 Nov 2019
4 min
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Danish investors join forces in establishing a common framework for Responsible Tax behaviour

At the end of August 2019, a group of Danish pension funds (the Investors), published a joint Tax Code of Conduct with principles and recommendations for unlisted investments.

07 Oct 2019
3 min
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Responsible Tax – the story so far

Creating a global dialogue on responsible tax, with a new consensus emerging.

23 Sep 2019
4 min
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The Global Responsible Tax Project Newsletter – September 2019

Welcome to the September 2019 newsletter from the Global Responsible Tax project.

12 Sep 2019
3 min
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Tax and trust

It is often said these days that there is a crisis of trust. Whether that’s a crisis of trust in our media, in our politics, or in our institutions. We at the All-Party Parliamentary Group on Responsible Tax have likewise been concerned about trustworthiness, specifically in the context of tax.

14 Aug 2019
2 min
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The Global Responsible Tax Project Newsletter – May 2019

Welcome to our first newsletter of 2019. Since piloting the Responsible Tax project in the UK in the summer of 2014, we have grown into a community of 1100+ - an important mix of politicians & policy-makers; business leaders; campaigners & NGOs; tax experts and academics; media and commentators. We have hosted and participated in conversations around the world –...

31 May 2019
3 min
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Improving domestic resource mobilisation and stemming illicit financial flows

Tax Justice for Promoting Equality and Social JusticeI recently attended and spoke at a conference with the above title in Nairobi from 12-14 March 2019. The conference was organised by the Jesuit Conference of Africa and Madagascar and the Jesuitenmission in Germany and sponsored by Global Financial Integrity and Misereor. An interesting aspect of the conference was that...

28 Mar 2019
8 min
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Building Trust - The role of responsible tax in infrastructure investment

Naz Klendjian, Partner, Head of Infrastructure Investment, KPMG LLP Chris Morgan, Head of Global Tax Policy, KPMG LLP“Tax is the entry fee we pay for a civilised society. Without it, there can be no roads, no schools, no hospitals, no social care.” This guiding thought behind KPMG’s 2014 Responsible Tax Project serves as a useful way to introduce a discussion...

15 Mar 2019
4 min

Contributors

We are grateful to all of our contributors, including:

Elise Donovan, CEO, BVI Finance

Elise Donovan

CEO at BVI Finance

Chris Morgan, Head of Global Tax Policy, KPMG LLP

Chris Morgan

Head of Global Tax Policy at KPMG LLP

Neal Lawson, Author, Jericho Chambers

Neal Lawson

Author at Jericho Chambers

Jane McCormick, Retired Partner and former Head of Tax and Legal Services, KPMG International

Jane McCormick

Retired Partner and former Head of Tax and Legal Services at KPMG International

David Linke, Global Head of Tax and Legal Services, KPMG International

David Linke

Global Head of Tax and Legal Services at KPMG International

Dame Margaret Hodge, Member of Parliament of the United Kingdom

Dame Margaret Hodge

Member of Parliament of the United Kingdom at

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