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ARTICLE · 01 FEBRUARY 2023

Preparing For Bad Press (Redux): Tax Transparency Update

Mayer Brown
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As companies prepare for the 2023 SEC filing season, they should also be ready for the inevitable press attention on the effective tax rates of high profile multinationals.

United StatesGovernment, Public Sector
Michael Lebovitz
Michael Lebovitz
Jenny A. Austin
Jenny A. Austin
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As companies prepare for the 2023 SEC filing season, they should also be ready for the inevitable press attention on the effective tax rates of high profile multinationals. In a Client Alert last year, we predicted a recurrence of press focus on whether companies are paying their fair share of tax. Since that time, numerous articles have appeared in the general and financial press, Senator Wyden has continued his attack on the tax positions on major pharmaceutical companies and activist shareholders have been initiating proxy battles to force enhanced public tax reporting.

Regardless of whether a company decides to publicly respond, every company should be ready for press about its global tax position. The need for preparation is obvious, but preparation will take on added significance as companies gear up for mandatory public disclosure of their country-by-country reporting in Europe. In this blog post, we revisit our recommendations to help companies prepare.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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