Major corporations are woefully unprepared for the wave of tax disclosure requirements about to hit them.
In a recent survey by KPMG of 500 top executives at companies with annual revenue of $1 billion or more, only 10 percent said their firms were prepared to share data about their total tax payments with regulators in the U.S. and elsewhere.
More than half blamed the complexity of gathering the information from all the places they conduct business. Other major hurdles cited were lack of technology and employee expertise for collecting and collating the data.
