The Time Has Come For Tax Reporting Transparency—Thank You Global Reporting Initiative! [Forbes]
Apple Inc. (AAPL)
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Source: Forbes
How much taxes companies pay and the transparency of tax reporting have been contentious issues for decades.Governments around the world have failed to create standards for transparent tax reporting, particularly on a country-by-country basis. Many large and highly profitable multinational companies have taken advantage of this for years to pay little to no taxes. As is often the case when governments fail, it is up to the NGO community to represent civil society. In this case it is the sustainability standard-setting organizationGlobal Reporting Initiative(GRI).On December 5, 2019 GRIannouncedGRI 207: Tax 2019The GRI Tax Standard is the first global standard for comprehensive tax disclosure at the country-by-country level. It supports public reporting of a company’s business activities and payments within tax jurisdictions, as well as their approach to tax strategy and governance.” Here is avideoof the official launch event held in London on January 20, 2020.Tax economy refund money
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