Australia Draft Bill Seeks Public Disclosure of Companies’ Taxes

The Australian government released draft legislation Thursday for multinational companies to publicly report their tax information on a country‑by‑country basis and include a statement on their approach to tax.

The government also launched a public consultation on its legislation that would require companies to publish the names of each entity in their corporate group, a description of the group’s approach to tax, and 13 relevant tax details about the group such as its main business activities and number of employees.

The government said the requirements have mostly been adopted from the GRI 207 international standard for tax disclosures, but ...