Tax Pros Warn Global Tax Reports May Not Be Confidential

Law360, New York (November 3, 2016, 7:04 PM EDT) -- The confidentiality of sensitive tax data that multinational companies must soon begin filing for each country they operate in could be betrayed by potential data leaks or if governments bow to public pressure for disclosure, experts said Thursday at the American Bar Association’s annual tax conference in Philadelphia.

Corporations earning at least €750 million ($833 million) will have to file their so-called country-by-country reports after countries began adopting recommendations from the Organisation for Economic Cooperation and Development to curtail corporate tax avoidance through cross-border activities.

Both the OECD and the IRS had separately issued guidance in June for filing these reports,...

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