The importance of being tax transparent

It is time for businesses to take stock and gear up by creating capacity and information system to anticipate new taxes and regulations around ESG and ability to factor this in their business planning

The general perception is that the onus of sustainable development is solely on governments. This is far from the truth. In fact, low-income countries tend to have a lower share of government expenditure relative to private expenditure. On the other hand, public expenditure in high-income countries tends to be more focused on social protection which comprises the social aspect of environment, social and governance (ESG). It is about time that the responsibility of sustainable development be shared between government, businesses, and citizens for effective action on ESG.

Interestingly, the heightened concern about ESG has been limited to the environmental aspects