Australia Issues Draft Guide for Country-Specific Tax Reporting

Australia issued draft instructions Friday for its upcoming country-by-country reporting requirements, which oblige multinational companies to report tax information publicly.

The nation’s disclosure legislation, enacted last November, requires multinationals earning at least A$10 million ($6.6 million) in Australia to file information on their tax payments in the country and around 41 other jurisdictions.

The draft instructions lay out how companies should report the information, broken into four sections.

Australia’s CBC requirements have been under intense criticism by business groups since the law passed, and earlier this year the National Foreign Trade Council published a letter saying the reporting regime should ...