Tax transparency standards – including GRI207, WEF IBC tax metrics

Last updated: 13/05/2025

In recent years, many tax reporting standards have emerged, primarily created by a range of NGOs. Two of these are starting to have a significant influence:
- GRI207 (Taxation) covers the approach to tax; tax governance, control and risk management; tax stakeholders and country-by-country tax reporting. While on a standalone basis GRI207 is a voluntary standard, it is compulsory for any existing signatories to the wider set of GRI standards for whom tax is a material issue.
- The WEF IBC Core Tax Metric encompasses total tax paid. Expanded Tax Metrics cover additional tax remitted (on behalf of others) and a breakdown of total tax paid and additional tax remitted by country for significant locations.
Other voluntary regimes (such as the Fair Tax Mark in the UK, the global B Team’s “Responsible Tax Principles”) and the Tax Responsibility and Transparency index (benchmark for business in five key areas of tax conduct) continue to have an impact on the tax transparency disclosures of some groups.
The EU and Australian public country-by-country reporting (PCBCR) also drive the broader tax transparency response.
The EU sustainability reporting initiatives, such as the Sustainable Finance Disclosure Regulation (SFDR) and the more recent Corporate Sustainability Reporting Directive (CSRD), while not tax focussed per se, may, in some circumstances, require groups to disclose certain tax information.
UK groups with significant EU presence or operations may be in scope of some or all of the above-mentioned EU reporting initiatives.
A 2025 Deloitte Global Tax Policy Survey revealed that 82% of the respondents expect an increase in public tax disclosure.
At the same time, there is general recognition of the growing reporting burden on businesses. The EC ran a public consultation on evaluating its Directive on Administrative Cooperation (the DAC), covering DAC1 to DAC6, in line with its promise to declutter reporting requirements in the EU. The EC has also recently introduced a number of deferrals and proposed simplifications of the EU CSRD.
Timing: the above-mentioned voluntary standards have no fixed deadline for adoption, however, groups are increasingly focusing on tax transparency. In April 2025, the Council of the EU approved the deferral of application of EU CSRD for certain large companies and SME, while the proposals for simplification of the EU CSRD are still subject to the EU legislative process.