The Global push for more and more tax transparency seems to know no bounds.
Once upon a time, one’s tax return was a matter between the taxpayer and the tax authority (ATO, IRS, HMRC, etc). Are those days numbered? Perhaps they are!
Britain’s opposition Labour Party has apparently now called for big companies to publish their tax returns and for UK Parliamentary committees to have the right to see all taxpayers’ returns, to aid efforts to tackle avoidance and evasion.
Taxpayers generally, and certainly corporate taxpayers, have I think by and large accepted the need for greater transparency. Indeed, some corporates are already publicly releasing considerable amounts of tax information – but not their tax returns! In addition, the BEPS CbC reporting requirements will increase transparency – at least between revenue authorities.
There can be no argument that increased tax transparency is here to stay, and taxpayers have to deal with it. But the extent and parameters of that transparency are the issue. Does the end justify the means?
Anyone know of any tax information exchange agreements with Mars or the Moon? Maybe moving is an option!
Where will it all end? See further here.