A survey of 2,580 global business in 35 countries has found that 75% of business leaders would welcome more global co-operation and guidance from tax authorities on tax planning, even if this meant having to pay more in taxes. The International Business Report by Grant Thornton underlines the need for more clarity on what is acceptable and unacceptable in terms of tax planning in the globalised business environment of cross-border tax transactions.

Francesca Lagerberg, global leader for tax services at Grant Thornton, said: “The levels of taxation paid by businesses has become a very public and emotive issue. But setting emotion to one side, businesses have a responsibility to their investors and shareholders to keep costs down – within the existing regulatory parameters.”

Lagerberg goes on to say that the onus is very much with the tax authorities to provide clear guidelines for businesses.

However, the survey also found that only 23% of business leaders are hopeful that the OECD's plans on global tax improvement under the Base Erosion and Profit Shifting project (BEPS) would be successfully implemented. Far more – 71% – said they would support unilateral action by their own governments in tackling tax revenue losses in their jurisdiction.