Submission to The Board of Taxation's Tax Transparency Code Consultation Paper
The Business Council’s starting position is that businesses in Australia must meet their tax obligations and do so in a transparent way.
Australia’s integrity measures, institutions, enforcement and high standards of corporate governance all contribute to a high level of compliance with our tax system.
The Tax Transparency Code (TTC) will be an important addition to Australia’s already robust suite of tax integrity measures, and the Business Council will encourage member companies to adopt it. It appropriately balances multiple objectives, including improved communication with interested stakeholders, providing a minimum standard rather than a prescriptive approach, and allowing companies the flexibility to minimise compliance costs.
Upon the introduction of the TTC, corporate tax disclosure in Australia will be among the most advanced in the world.