Australia Senate Panel Urges Passage of Tax-Reporting Rules (1)

An Australian parliamentary committee recommended passage of the nation’s proposed country-by-country tax reporting rules, prompting praise from advocates for fuller corporate tax disclosure and concerns from the business community.

The proposed regime is “world-leading” and “has been designed to set a strong transparency and reporting standard for multinationals,” the Australian Senate’s Economics Legislation Committee said in a report published Friday on the proposal and other tax and finance measures part of the “Buy Now Pay Later” bill currently before the Senate.

Australia’s plan would require public country-by-country tax disclosure covering 41 jurisdictions for any multinational that has aggregated annual ...