More than half of FTSE (Financial Times Stock Exchange) 100 companies now follow a process which discloses information regarding their approach to taxation, compared to under a third two years ago, according to data released by PwC.
As larger businesses receive increasing pressure from initiatives such as the OECD, to improve their tax transparency in the midst of a global incentive to reduce tax evasion.
PwC’s analysis of annual reports, corporate websites and other social responsibility reports, shows a steady increase in tax transparency across larger firms.
In 2012 only 32 firms in the FTSE 100 provided information on issues such as their attitude to tax planning and their associations with authority and governmental bodies. The figure increased to 49 in 2013, and has now increased to 56, according to most recent 2014 data.