Australia: KPMG comments on revised draft legislation implementing public country-by-country reporting
In response to the government’s request for comments, KPMG tax professionals provided a submission to Treasury.
March 6, 2024
The Australian government on 12 February 2024 released revised exposure draft legislation and explanatory materials implementing public country-by-country (CbC) reporting for reporting periods beginning on or after 1 July 2024. Read TaxNewsFlash
In response to the government’s request for comments, KPMG tax professionals provided a submission to Treasury [PDF 295 KB] making eight recommendations to further enhance alignment with global rules, reduce compliance costs, and foster a global standard for tax transparency reporting. In particular, the submission recommends:
- Australia’s rules closely mirror the EU public CbC reporting framework as a minimum standard, including linking the disaggregated reporting requirements with the EU non-cooperative and grey lists.
- Granting multinational enterprises (MNEs) the option to disclose additional information beyond the minimum standard to align with existing OECD CbC reporting or GRI-207 reporting to provide flexibility and reduce compliance costs while promoting transparency
- Further work on the complex legal and practical considerations that arise regarding the reporting responsibility, in particular for foreign headquartered groups