Country by country reporting in the news

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Good news of the weekend, the Observer's report that:

Giant oil and mining firms could be forced to reveal the precise amounts of tax they pay in each country in which they operate. The move has been heralded as a major breakthrough that could end a widespread culture of corporate secrecy and alleged corruption.

The measure is being seriously considered by the International Accounting Standards Board after a high-level meeting of investors, including George Soros, and campaigners, argued for the introduction of so-called 'country-by-country reporting'.

It's time has come. The last week has proved that.