Public tax transparency

Dr Christian R. Ulbrich and Charalambos Antoniou describe how to establish trust in the increasingly transparent world of tax, and share an insider’s view from Carl Emanuel Schillig

The 2007/08 financial crisis has prompted increasingly close scrutiny of the tax affairs of large corporations and ongoing efforts to broaden the tax reporting requirements for individuals, multinationals and intermediaries. 

Examples of additional tax reporting requirements for individuals include FATCA and the Common Reporting Standard for the Automatic Exchange of Information (AEOI). We have now seen new reporting obligations for multinationals, e.g. country by country reporting to tax authorities (CbCR under the BEPS Inclusive Framework) in over 50 countries, as well as for intermediaries and taxpayers, e.g. the EU’s DAC6 tax disclosure rules.