KPMG hosted this roundtable discussion as part of the Global Responsible Tax Programme to explore, from a European perspective, whether the design and practice of tax approaches could help to unlock the circular economy and reconcile the tension between economic growth, sustainability and the issue of uncertain global supply chains. If so, which levers are best placed to make realistic change?

The roundtable explored the apparent paradox that while some stakeholders want to see more data before trusting what a company says about its tax position, complex tax data can create misunderstanding, debates about what it means and questions about its accuracy — driving a greater mistrust. It was thought that data alone would not overcome the trust deficit and tax disclosures, and ESG disclosure in general should not be about a tick box disclosure mentality, but about engaging with stakeholders to explain a company’s role in and contribution to society.

This event was a discussion with asset managers and investment funds on what tax barriers exist to cross-border investment in renewables and decarbonization technology and what solutions could be envisaged.The full report from the roundtable is available here.

Seventeen stakeholders from a wide spectrum of backgrounds attended the virtual event, which focused on what potential measures governments might take in order to increase tax revenues – in particular through taxing wealth, gifts or inheritances.

The fourth summary report from the Responsible Tax summer roundtable series looking at the potential tax policy responses as a result of COVID-19 is available here.