The Global Reporting Initiative (GRI), an independent organisation focused on sustainability reporting, is asking for feedback on its draft of the first global standard on tax and payment disclosures to governments within the next three months.
The Global Sustainability Standards Board (GSSB) appointed a multi-stakeholder technical committee to develop the first global disclosures on tax and payments to governments, says Accountancy Daily.
The committee began its work to develop a draft GRI standard on tax and payments to governments in January 2018, which is now available for review and public comment. The GRI says it will increase the transparency of corporate reporting and promote more informed public debate.
The GRI says the draft standard makes a pioneering stride in tax transparency by combining management approach disclosures on tax strategy, with country-by-country reporting of an organization’s business activities and taxes paid.
The GSSB is looking for feedback from reporting organizations as to whether the draft standard is clear and feasible to report on, and also whether stakeholders looking to use the reported data feel the draft standard will deliver the necessary information.
The deadline for comments is 15 March 2019.