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TRANSPARENCY tax An opportunity or a burden? by ANDREW LISTER, TAX PARTNER, KPMG Tax transparency


continues to move up the boardroom agenda, as public focus increases on ensuring companies are paying their ‘fair share’ of tax.


O


il and gas is a national asset and due to the high profi le of the industry, businesses in this sector are often subject to particular scrutiny of their tax affairs.


The Oil & Gas sector is therefore at the forefront of changes relating to transparency and it will be important for it to both comply with additional regulatory requirements and ensure it is clearly seen as fully contributing to the national economy.


© 2013 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative, a Swiss entity. All rights reserved. Recent initiatives


Proposals for fi nancial reporting by companies on a country-by-country basis have emerged in recent years. A number of companies in the sector are already demonstrating a proactive approach to tax transparency, and have developed sophisticated global reporting processes, with disclosures in their annual reports in respect of tax contributions by country.


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