Financial Transparency Coalition

The Hong Kong Stock Exchange’s listing agreement says:

In addition to the information set out in Appendix 1A, a Mineral Company must include in its listing document……if relevant and material to the Mineral Company’s business operations, information on the following:— (c) compliance with host country laws, regulations and permits, and payments made to host country governments in respect of tax, royalties and other significant payments on a country by country basis;

Note the reference to country-by-country reporting. I stress, the data referred to here is on past performance. There is a separate requiremnt that these payments also be projected.

Not my title: one Carlo Cottarelli, Director of the IMF’s Fiscal Affairs Department, used for a blog on the Huffington Post. He was talking about what the IMF is doing to help developing countries on this issue. He lists a strong commitment by many countries  to strengthen their revenue systems, through both administrative reforms and improved tax policies. And he refers to good governance and avoiding exemptions and preferences plus the need for political will to drive through tough policy changes to build and support firm, even-handed enforcement.  These, he says, are the issues of concern for developing countries. But he makes no mention at all of:

• transfer pricing abuse
• tax havens
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