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International corporations have been asked to disclose information about taxes paid in different countries


				09.12.2019
						

International corporations may begin to publish in open sources data on taxes paid in each country. This initiative was made by the international independent organization Global Reporting Initiative (hereinafter - GRI), which has been issuing non-financial reporting standards since 2000.

The GRI Tax Standard is the first global standard for comprehensive tax disclosure at the country-by-country level. The main purpose of information disclosure is to increase the transparency of multinational companies such as Amazon, Google and Facebook. Earlier, British analysts studied how six digital giants - Facebook, Apple, Amazon, Netflix, Google and Microsoft - have paid taxes over the past decade. It turned out that their total underpayment of taxes is $ 100 billion in total.

According to the rules proposed by GRI, the company must publish information about its tax policy, the amount of taxes in different countries, including income tax, as well as income from intra-group transactions. GRI disclosures are now voluntary.

GRI plans to launch this standard globally on January 1, 2021.



Source: https://www.globalreporting.org/information/news-and-press-center/Pages/First-global-standard-for-tax-transparency.aspx

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