- Tax transparency is now considered a core pillar of sustainability.
- At the 2023 KPMG Asia Pacific Tax and Legal Summit, nearly 900 tax professionals gathered to discuss various topics, including tax administration, the digital future of tax, ESG, and developments across several sectors. One of the key topics was navigating ESG and the tax environment, with KPMG professionals discussing how tax transparency is now essential for sustainability and has led to new global standards.
- Tax functions are increasingly under pressure to incorporate ESG factors in decision making, track environmental taxes and incentives, and apply them consistently across the business.
- Tax transparency is more than just words in a report; it is backed up by strategy, commitment, and action on the organization’s tax and sustainability strategy.
- The implementation of tax technology to automate reporting processes is high on the agenda for some organizations.
- Public tax reporting requires organizations to revisit corporate governance processes to ensure strong governance processes and control frameworks are in place to support an organization’s public narrative and the validation of tax data.
Source International Tax Review
