On 6 April 2023, Treasury released exposure draft legislation on public country-by-country reporting (the proposed rules) to improve corporate tax transparency disclosures. The proposed rules require Country-by-Country (CBC) reporting entities to publicly disclose information on the group’s tax affairs.
In response, BDO has prepared a submission highlighting concerns that the proposed reporting requirements are overly burdensome for Significant Global Entities (SGE’s) and the additional cost and compliance burden to be borne by SGEs in preparing public disclosures which fall outside the existing CBC reporting framework may be of minimal public use.
Should have any questions regarding the content of this submission, please contact your BDO tax adviser for further guidance.