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The international tax system has fallen short in the eyes of chief executives around the world, the PwC Annual Global CEO Survey finds.
The survey has been presented to delegates at the opening of the World Economic Forum’s annual meeting in Davos, Switzerland.
Nearly two-thirds of CEOs say the international tax system is in need of overhaul. Notably, 75% of CEOs say that being seen as paying a “fair share” of tax is important to their company.
Most CEOs say tax policies and competitiveness of tax regimes are key factors in corporate decision making, and agree that multinational companies should be required to report revenues, profits and taxes paid for each country in which they operate.
They also agree tax authorities around the world should freely share information about companies.
But only a quarter of CEOs say current OECD attempts to reform the international tax system will be successful in the next few years, while 40% say efforts will not reach consensus.
Stakeholder expectations and trust: CEOs worldwide report that stakeholder expectations in their industry have changed significantly in the past five years.
Just over half (52%) say the level of trust among customers and clients has increased, compared with 12% who say it has declined. While 43% say trust has improved among creditors and investors, 16% say it has declined. Finally, 42% say trust among suppliers has improved, while only 6% say it has fallen.
But while 24% of CEOs have seen improved trust among government and regulators, 34% say it has declined.
The great majority of CEOs say it is important for companies to address stakeholders' expectations by promoting ethical behaviour, ensuring the integrity of supply chains and improving diversity.
• The PwC's survey involved 1344 interviews conducted in 68 countries during the last quarter of 2013. By region, 445 interviews were conducted in Asia Pacific, 442 in Europe, 212 in North America, 165 in Latin America, 45 in Africa and 35 in the Middle East.
NBR Staff
Wed, 22 Jan 2014
Wed, 22 Jan 2014
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Davos 2014: CEOs want world tax system changes
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