Public country-by-country reporting by large companies

This opinion relates to country-by-country public reporting by major corporations. The fiscal revenue lost by developing countries is estimated at over US$100 billion. These losses arise when multinationals transfer profits to territories with low or even zero tax rates. The requirement for corporations to publish financial information by each country in which they operate (country-by-country reporting or CBCR) is an effective means of tackling tax evasion and fiscal optimisation. Both the OECD and the EU are advocates for CBCR, but the framework thus far proposed seems inadequate as a real means of combating tax evasion.