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First published in The Daily Telegraph, 16 December 2016
Finance executives around the world are increasingly scared of bad publicity from revelations that they have taken part in tax planning, fearing negative perceptions that they are working to reduce their tax bills, according to a study from advisory group Taxand.
Taxand attributes the fears in part to the increase in rules forcing companies to publish the taxes paid in each country in which they operate – three-quarters of executives are concerned by that development.
“This concern, no doubt, is related both to the potential for competitors to gain insights into one’s corporate strategy through such information, but also to the potential for misunderstanding or misinterpretation of this information to confirm previously held erroneous beliefs,” saiys Tim Wach, warning that the publication of extra tax data may be “a dangerous thing”.
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Tax authorities are increasingly using the media to highlight their efforts to crackdown on multinationals, fuelling the public belief that multinationals are some sort of evil empire hell bent on evading tax