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Home / news / Rising global tax scrutiny shows the case for change: High interest at London event in GRI’s ‘game changer’ Tax Standard

Rising global tax scrutiny shows the case for change: High interest at London event in GRI’s ‘game changer’ Tax Standard

The increasing number of inquiries into the tax practices of corporations demonstrates why a transition towards transparent tax disclosure is urgently required.

This was a key message from Elise J Bean, former United States Senate tax investigator, as she addressed an event in London today to highlight GRI’s launch of the world’s first country-by-country public reporting standard for tax. Governments around the world, including several EU countries and Australia, are currently reviewing the tax practices of multinationals.

The GRI Tax Standard responds to concerns over the impact corporate tax avoidance has on the ability of governments to fund services and support sustainable development.  Tweet This! It is now available as the latest addition to the GRI Standards, the most widely used sustainability reporting framework.

During 15 years with the Senate Permanent Subcommittee on Investigations, Ms Bean handled high-profile investigations, hearings and legislation on tax avoidance, corporate misconduct and financial corruption.

Setting out why global change is needed in support of tax transparency, Ms Bean said:

“Corporate tax transparency is the next big sustainability task. In 2018, at least 90 hugely profitable US corporations paid no US tax at all – an outrage that is not sustainable morally or in light of the societal investments needed worldwide.

Corporations want better infrastructure, an educated workforce, patent enforcement, trade protection, and more.  And some corporations impose enormous costs on society through environmental damage, worker injuries, financial fraud, or worse.

Companies need to pay their fair share, and the new GRI Tax Standard will encourage responsible corporations to do just that. Not only because it’s the right thing to do but because it is in their self-interest to help provide the revenue needed to sustain the economy and restore public confidence in the business world.”

More than 100 people attended GRI’s event hosted at London Stock Exchange, including senior representatives from business, civil society and investment institutions – indicating the high interest from many stakeholders in making transparent tax reporting a reality.

 

Tim Mohin, GRI chief executive, said:

“GRI’s Tax Standard can be a game changer. For the first time, we have a global standard that can ensure companies demonstrate effectively how they contribute through taxes in each of the locations where they operate. This crucial information is needed if we are to have a well-informed global debate about corporate tax practices.

I thank Elise J Bean for her insights, which underlines the urgency, international relevance and practical application of the Standard. I think companies themselves are recognizing that changes are needed and GRI looks forward to working closely with them, to encourage uptake of the Tax Standard and help them unlock the benefits that come from committing to transparency.”

 

Download and freely use the GRI 207 Tax Standard

GRI 207: Tax 2019 is freely available for use by any organization.

 

Also read:

How to use the GRI Standards ASAP to accelerate positive change

Are your competitors better prepared for the Sustainable Economy?

License to operate – Millennials

 

 

 

80% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.



FBRH GRI Standards Certified and IEMA approved Sustainability Course | Venue: London LSE

By registering for the next 2-day FBRH GRI-Standards Certified and IEMA approved Course you will be taking the first step in gaining the many benefits of sustainability reporting.

 

References:

This article is based on published information by GRI. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the publication’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.globalreporting.org/information/news-and-press-center/Pages/Rising-global-tax-scrutiny-shows-the-case-for-change.aspx

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