I highly recommend reviewing this comprehensive publication by Ernst & Young, focusing on strategies and questions Boards should ask to prepare for tax transparency reporting. One insightful section describes key stakeholders for tax transparency reporting, including consumers, NGOs, Parliamentarians, OECD, and the media.
The publication encompasses the following concepts:
- Current context for transparency
- Current tax transparency reporting requirements
- What others are reporting
- Information that could be disclosed
- Challenges to be faced
- Deriving value from tax transparency
- Next steps
There is an excellent summary, at the end of the publication, depicting a structured approach for managing your tax profile, outlining ideas leading to a Best Practices strategy.
A Best Practices initiative for tax transparency reporting should be initiated, forming a framework to address challenges and identify opportunities.