93% feel tax sops relevant for ESG: PwC India survey report

economictimes.indiatimes.com:

PwC India survey report on tax transparency in ESG released on Tuesday, 93% of the corporate respondents surveyed believe tax incentives are relevant or very relevant for the adoption of ESG practices and nearly 60% believe that there is a need for policy makers to incentivise ESG practices. 86% agree that preserving the environment will be a key focus area where companies would like to invest if they receive tax incentives. There is also significant interest in using tax incentives for inclusion and diversity initiatives (54%) and addressing social vulnerability (37%)

The report titled 'Tax transparency in ESG: Insights into Indian businesses and their sustainable practices' is based on a market survey of nearly 250 tax heads, sustainability leaders, CFOs & CXOs of Indian businesses conducted between April and July 2023. It analyses how Indian businesses are weaving tax considerations into their overarching ESG framework and to assess their awareness and perception in this regard.

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The survey highlights there is room for improvement in tax transparency-related practices, as a significant number of companies are not utilising standardised frameworks for tax disclosure. While 75% of respondents do not have a publishable tax transparency report, indicating a gap in tax transparency-related practices, over 70% of participants feel that shareholders and regulators are interested in tax transparency practices of a company. The survey