Businesses Urge Australia for Stronger Tax Reporting Protections

Australia’s country-by-country tax reporting regime should include stronger safeguards for sensitive business and national security information, a major American business group said.

The Australian Tax Office’s guidance should do more to protect companies from having to publicly disclose sensitive information about their business that could harm their ability to compete, the National Foreign Trade Council said in a letter dated Thursday.

The letter responds to the ATO’s proposed Law Administration Practice Statement released in July. The statement detailed the requirements officials must follow in deciding public country-by-country reporting exemptions.

• Among the potential harms, businesses competing for contracts could find ...