The Dutch Association of Investors for Sustainable Development (VBDO) recently published its 2024 Transparency Benchmark, highlighting the growing importance of tax transparency in corporate reporting. As scrutiny around corporate responsibility intensifies, transparent tax disclosures are becoming a critical factor in demonstrating accountability and building stakeholder trust.
At Taxxor, we are proud to support companies like Philips in achieving these transparency goals. By leveraging our cutting-edge reporting platform, Philips has been able to meet and exceed expectations in responsible tax reporting, aligning with evolving benchmarks and global standards.
1. A Pillar of Accountability
Tax transparency demonstrates a company’s commitment to contributing fairly to the societies in which it operates. Clear, accurate reporting helps build trust with stakeholders, including investors, regulators, and the public, by showcasing an organization’s alignment with ethical business practices.
2. Bridging the Gap in Trust
Unclear or inconsistent tax reporting creates risks for companies, including reputational damage and regulatory scrutiny. By providing detailed and standardized disclosures, businesses can reduce ambiguity and align their practices with the expectations of responsible investors.
3. Supporting Global Development Goals
Transparent tax reporting aligns with the United Nations Sustainable Development Goals (SDGs), ensuring fair distribution of resources that support public services and economic development.
As a leader in tax transparency, Philips has successfully utilized Taxxor’s reporting platform to streamline its tax disclosures and set a benchmark for corporate responsibility. Here’s how Taxxor helps companies achieve excellence in tax reporting:
1. Structured Data for Transparent Reporting
Taxxor enables companies to present tax-related metrics clearly and consistently using structured data formats like XBRL. This ensures that stakeholders can easily interpret and compare disclosures, enhancing decision-usefulness and accountability.
2. Multi-Jurisdictional Compliance
Navigating tax regulations across multiple jurisdictions is complex and time-sensitive. Taxxor simplifies this process by adapting to various regulatory requirements, allowing companies like Philips to meet global standards with ease and precision.
3. Accuracy and Consistency Across Reports
Taxxor’s centralized platform ensures all tax data is accurate and consistent across formats, from PDFs to iXBRL and web outputs. This eliminates the risk of discrepancies and builds confidence in the reliability of corporate disclosures. Philips' Country Activity and Tax report can be found on their Results website, which is also generated by our platform.
Philips' commitment to transparent tax reporting demonstrates how businesses can lead by example in corporate responsibility. Using Taxxor’s platform, Philips integrates detailed tax disclosures into its financial and sustainability reporting, ensuring stakeholders receive clear, reliable, and actionable data.
Philips' leadership in tax transparency aligns with the VBDO’s benchmarks, setting a high standard for other companies to follow. By embracing structured, transparent tax reporting, Philips reinforces its role as a responsible corporate citizen.
Tax transparency is not just a regulatory necessity—it’s a cornerstone of corporate accountability and trust. At Taxxor, we are dedicated to helping companies like Philips meet these evolving demands with confidence and efficiency.
Ready to elevate your tax reporting and align with global benchmarks? Contact us today to learn how Taxxor can streamline your reporting processes and strengthen your commitment to transparency.
