By William Hoke, February 18 2022
On December 16, 2021, the Centre for International Corporate Tax Accountability and Research (CICTAR), a nongovernmental organization, said it was collaborating with Pensions & Investment Research Consultants Ltd. in supporting a shareholder proposal that Amazon disclose its global tax practices and risks to investors. The shareholders, whose names were not disclosed at the time, filed a proposal for Amazon to adopt the Global Reporting Initiative (GRI) tax standard, which calls for the disclosure of tax strategies and public country-by-country reporting.
CICTAR said Amazon’s failure to disclose revenues, profits, and tax payments in non-U.S. markets makes it difficult for investors to evaluate the risks of tax reforms and determine whether Amazon is engaged in responsible tax practices that ensure long-term value creation. “Amazon’s approach to taxation has been repeatedly challenged by tax authorities globally,” CICTAR said.