Recently, a number of large multinational enterprises (“MNEs”) have been subject to increased public scrutiny on the amount of tax they are paying in different countries. This trend is set to continue with the first wave of public country-by-country (“CbC”) reports being published over coming months.
It is important that in-scope MNEs are prepared for any publicity these reports could generate and the Matheson tax team has been assisting a number of MNE clients in this regard.
Recent press coverage
Recent updates to US accounting standards have resulted in MNEs publishing data on the amount of tax paid in different countries for the first time. This has triggered a number of articles in the press comparing the amount of tax paid in different countries, showing how quickly media attention can intensify around corporate tax policies of MNEs.