Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: empanelment :: VAT RATES :: TDS :: VAT Audit :: Central Excise rule to resale the machines to a new company
Direct Tax »
  CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 CBDT unveils norms for computing FMV of trust assets
 CBDT starts issuing second round of Certificates of Appreciation to tax payers
 Income Tax Department Launches SMS Alert Service on TDS Deductions
 Salaried taxpayers to get SMS alerts for TDS deductions
 Salaried tax payers to get SMS alerts on TDS deductions
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair

FTSE groups improve tax transparency
May, 30th 2016

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail.

Nearly two-thirds of FTSE 100 companies now disclose information about their approach to taxation, up from under half two years ago. The trend is a sign of the growing pressure to become more transparent about tax, following a backlash against aggressive planning.

FirstFT is our new essential daily email briefing of the best stories from across the web
The analysis by PwC, the professional services firm, showed that 64 companies made disclosures in their latest accounts, up from 49 two years earlier.

Companies are volunteering information in response to public pressure, as well as preparing for new laws mandating more transparency. The UK is introducing rules forcing companies to disclose their tax strategy, while Brussels has proposed making them publish where they earn profits and pay taxes in Europe.

Regulators are also making demands for more transparency. PwC said it had “already seen early signs of companies changing their disclosures of tax numbers” in light of a review by the Financial Reporting Council, the corporate governance regulator. The review, announced in December, set out “to encourage more transparent recording of the relationship between the tax charges and accounting profit”.

Investors have begun to put pressure on companies to become more transparent about their tax payments. In a report published last year, PRI, an international network of fund managers pursuing sustainable investment strategies, said the opacity around companies’ tax affairs meant investors knew little about the risks associated with them.

Andrew Packman, a partner at PwC, said approaches varied with companies’ circumstances. Some — banks and extractive companies — were already required to publish details of tax payments, while others had been targeted by campaigners and wanted to provide a more detailed explanation of their position.

Companies are volunteering information in response to public pressure, as well as preparing for new laws mandating more transparency

Some companies wanted to make disclosures because their boards supported transparency while those putting little information in the public domain were often foreign-based multinationals with limited UK activity.

But the tax line remains difficult to interpret. Just 18 FTSE 100 companies — up from 14 last year — provide an explanation of the difference between the tax charge in the accounts and the cash tax actually paid by the group.

Businesses are required to disclose details of payments of tax, profits and other financial data to tax authorities, under plans drawn up by the Paris-based Organisation for Economic Co-operation and Development.

The push by Brussels to make some of this data public is opposed by Germany and some other countries, which say it would put commercially sensitive details into the public domain. But Mr Packman said the “general assumption” was that the data would become public in the medium term because of the weight of opinion in the European Parliament.

PwC reviewed the annual reports, company websites and corporate responsibility statements for financial years ending between January and December 2015, for all companies listed in the FTSE 100 at March 31 2016.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions