Global Reporting Initiative (GRI) has launched a new tax reporting standard that seeks to ensure multinationals are clearer about how much – and where – they pay their taxes. The GRI Tax Standard is the first global standard for comprehensive tax disclosure at the country-by-country level, supporting public reporting of a company’s business activities and payments within tax jurisdictions, as well as approach to tax strategy and governance.
Major investors, civil society groups, labour organisations and other stakeholders have all signalled their backing for the Tax Standard, saying it will help address their growing demands for tax transparency. The Tax Standard has been developed in response to concerns over the impact tax avoidance has on the ability of governments to fund services and support sustainable development.
As the latest addition to the GRI Standards, it is now freely available to organisations worldwide, according to a statement. GRI is the independent international organisation that helps businesses and other organisations understand and communicate their sustainability impacts.