Submission: Consultation on the public country-by-country reporting exposure draft
As part of the Federal Government's October 2022–23 Budget, a transparency measure was announced for multinational entities to prepare for public release certain tax information on a country-by-country basis and a statement on their approach to taxation. The measure will enhance the tax information entities disclose to the public.
This submission to the exposure draft is made on behalf of Publish What You Pay Australia, Transparency International Australia, and the Jubilee Australia Research Centre. Our submission is focused on the unique risks for tax evasion, profit shifting and corruption in the extractives sector which the OECD has identified as the most corrupt economic sectors. We welcome this exposure draft seeking to address tax avoidance and improve transparency and accountability mechanisms. We look forward to further work in this area to close loopholes and to lead on global standards like the Extractive Industries Transparency Initiative.