I have already mentioned KPMG's 2015 accounts this morning, and whilst looking at them I thought I'd have a quick check on country-by-country reporting. This is the headline:
So now my idea is a profit opportunity for the Big 4. Such is life.
But what of KPMG's own country-by-country reporting? There's not a hint of it despite the UK firm having this list of subsidiaries:
The list is not, unfortunately, complete, because as they note:
It would seem that if there is any loophole KPMG will jump through it.
So of country-by-country reporting, shall we call it a work in progress on which advice should be taken?
After which they may wish to acknowledge the existence of the global firm of which they are a part.
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The announcements on imminent on Country-by-Country reporting are beginning to look like the one secured by the Prime Minister on his return from Munich in September 1938. Back then Chamberlain held a bit of paper and said “I believe it is peace for our time”. The equivalent now would be to link to a screenshot of Osborne and say on a blog “I believe it is corporate taxation for our time”.
Back then storm clouds were brewing over Europe, and they are now. The parallels are getting ominous.