US Companies Divulging Tax Details in Accounting Change (Correct)

Seven years and three controversial proposals later, US accounting standard-setters voted Wednesday to require companies to tell the public more about the taxes they pay.

Starting as soon as 2025, company annual financial reports will have to include the year-to-date amount of income tax paid, net of refunds received, to state, federal, and foreign taxing authorities, a unanimous Financial Accounting Standards Board agreed.

If a company pays at least 5% of total tax payments to any country or jurisdiction, it will have to list the country or state individually and to disclose the amount of tax paid, also annually.

“A ...