Businesses Ask Australia to Limit Country-by-Country Tax-Info Plan

Australia should scale back its plan to require public country-by-country tax information from multinational companies, and follow the more-limited European and OECD approaches, business groups said.

The American Chamber of Commerce in Australia suggested the country should align its tax-disclosure plans with those of the European Union, “to achieve global consistency.” If they aren’t aligned, compliance burdens could result, and companies would be placed at a competitive disadvantage, the group said in a comment letter to the Economics Legislation Committee of Australia’s Senate, which is considering the tax disclosure proposal.

Advocacy groups disagree with the business claims, saying the ...