Australia: ��㣨Leyu�� comments on revised draft legislation implementing public country-by-country reporting

In response to the government’s request for comments, ��㣨Leyu�� tax professionals provided a submission to Treasury.

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, ��㣨Leyu�� 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

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