A new report by PwC has found that 50 of the FTSE 100 companies are voluntarily disclosing total tax contributions and tax-related climate impact as part of their annual disclosures – up from 47 in 2020.
The report Tax transparency in an ESG era also found an increase in the number of companies issuing standalone tax reports (26 in 2021, up from 24 in 2020).
Andy Wiggins, UK Environmental, Social and Governance (ESG) Reporting Lead at PwC, said: ‘Our own recent polling has found that one quarter of the UK public see tax transparency as one of the top three areas which could help build trust with an organisation. That focus may be expected to intensify as we enter a period of economic uncertainty and growing ESG concerns.
‘This increase also highlights the extent to which companies are responding to forthcoming changes to mandatory and voluntary reporting expectations. The EU’s public Country–by-Country Reporting Directive is due to be implemented in 2023, as is the Corporate Sustainability Reporting Directive. Meanwhile a number of companies will also start to implement the optional OECD’s Pillar 2 agreement on a global minimum corporate income tax from 2023.’
A new report by PwC has found that 50 of the FTSE 100 companies are voluntarily disclosing total tax contributions and tax-related climate impact as part of their annual disclosures – up from 47 in 2020.
The report Tax transparency in an ESG era also found an increase in the number of companies issuing standalone tax reports (26 in 2021, up from 24 in 2020).
Andy Wiggins, UK Environmental, Social and Governance (ESG) Reporting Lead at PwC, said: ‘Our own recent polling has found that one quarter of the UK public see tax transparency as one of the top three areas which could help build trust with an organisation. That focus may be expected to intensify as we enter a period of economic uncertainty and growing ESG concerns.
‘This increase also highlights the extent to which companies are responding to forthcoming changes to mandatory and voluntary reporting expectations. The EU’s public Country–by-Country Reporting Directive is due to be implemented in 2023, as is the Corporate Sustainability Reporting Directive. Meanwhile a number of companies will also start to implement the optional OECD’s Pillar 2 agreement on a global minimum corporate income tax from 2023.’
