Chris Morgan reports on recent developments, including the surprise move compelling banks to adopt a new transparency regime, key EU cases, and further detail on India's 2013 Budget.
What’s new?Last month I highlighted the growing global debate about transparency and paying the ‘right amount of tax’ and this is showing no sign of abating. In a surprise move on 27 February the EU agreed a provisional deal compelling banks to adopt a new transparency regime. Under the terms of the draft agreement institutions will be required to disclose details of profits made taxes paid and subsidies received country-by-country as well as turnover and number of employees. The intention is that this information should be reported to the European Commission from 2014 and made fully public from 2015.
The...
