More companies expand tax disclosures in annual reports and tax policies

The analysis shows that C25 companies provide more information about their annual tax costs as well as the factors that drive their tax payments compared to previous years. The implementation of the Pillar II rules (a global minimum tax of 15%) in 2024 may be a significant contributing factor, as companies increasingly expand the narrative supporting their tax figures. In general, companies provide additional explanations of both their reported tax costs in the profit and loss statement, and the taxes actually paid. Furthermore, the upcoming requirements for public country-by-country reporting (PCbCR), which for most C25 companies will require publication by the end of 2026 in respect of the financial year 2025, are likely to drive further disclosure. 

The analysis also reveals a trend towards enhanced communication on tax risks and associated governance. This development can be linked to the implementation of the CSRD, where compliance with the EU's Minimum Safeguards in the tax area may be a key driver, as the Minimum Safeguards require, among other things, disclosure of tax-related risks. 

Information on corporate income taxes paid is the area where the greatest improvement is observed in this year's analysis. Last year, eight companies provided information on this topic, whereas this year's analysis shows that 11 companies now provide separate communication on this topic. In addition, several companies are supplementing their reporting with information on Total Tax Contributions (TTC), with an increasing focus on the quantification of taxes other than corporate tax, including VAT, duties, personal taxes and other tax types. 

Overall, C25 companies are providing an increasing volume of data and information about their tax reporting. This is particularly important at a time when artificial intelligence makes it possible to construct a narrative about a company without in-depth knowledge of the underlying data. 

The Danish C25 companies' high level of tax transparency is also reflected in a broader global context. PwC's Global Tax Transparency and Sustainability Study 2025, which covered 956 of the world's largest multinational listed companies across 24 countries, clearly illustrates that tax transparency is advancing globally – driven by initiatives such as PCbCR and the EU's CSRD.

One third of the companies are reporting on Total Tax Contribution (TTC). This places Denmark in the top quarter globally, when it comes to TTC reporting.

PwC's Global Tax Transparency and Sustainability Study 2025 also shows that public country-by-country reporting on a global level remains in its early stages, with only 3.5% of companies disclosing full PCbCR data. Denmark ranks significantly above the global average, as 33% of the Danish C25 companies fully or partially published their PCbCR data in 2025, and this share has increased to 46% in 2026. This information is primarily provided in separate reporting (Tax Reports or home pages), but it is also included in some annual reports. With the upcoming EU requirement for public country-by-country reporting taking effect for the financial year 2025, this share is expected to increase further.

Overall, PwC's Global Tax Transparency and Sustainability Study 2025 and this year's C25 Tax Transparency analysis prove that tax transparency is a global trend, and one that carries a strategic narrative to build trust and demonstrate accountability.

Artificial intelligence now makes it possible to read through an annual report, extract financial key figures, and generate commentary on a company's tax reporting. For Danish companies, the question is therefore no longer whether their tax position is analysed, but by whom and on what basis.

Previously, understanding the tax profile of a multinational listed company required both considerable specialist knowledge and a significant investment of time – a barrier that AI tools have effectively removed. Publicly available financial statements can be cross-referenced and effective tax payments can be compared across jurisdictions within minutes. The results may appear accurate at first glance, but figures without context carry a significant risk of misinterpretation. When the narrative is constructed by a third party – or by AI – the company has no influence on its presentation.

Companies that strengthen their voluntary tax reporting with explanations of underlying strategies and provide context for their figures minimise the space in which others can fill in the gaps. It is not merely about providing additional data, but about offering the interpretive framework that makes the figures meaningful.

This year's C25 Tax Transparency 2026 analysis as well as PwC’s ongoing discussions with the C25 companies’ heads of tax, demonstrate that C25 companies are, to some extent, using voluntary tax reporting strategically to take control of this narrative. 

With the transition from reporting PCbCR data to tax authorities to public country-by-country reporting comes an increased focus on data consistency. A wider range of information can now be compared directly with the annual report and any voluntary tax reporting. Even minor deviations can raise questions that require swift and precise explanation – particularly in a reality where modern AI tools can access, compile and interpret tax data across companies and jurisdictions instantly.

For C25 companies, public country-by-country reporting is therefore not merely a compliance exercise, but a cornerstone of broader transparency efforts. Resilient processes, streamlined definitions and clear consistency between PCbCR data and other tax information are essential prerequisites. Without high data quality, companies risk that inconsistent or unexplained data will take on a life of its own in the public debate – outside the company's control. At the same time, companies should consider how PCbCR figures can be incorporated into the overall tax narrative. In this regard, the narrative is critical for users seeking to understand the figures in the context of the individual company.

If you are interested in further information on how you can work with PCbCR data, you can read more in this article.

Every year, we analyse the published tax reporting of the companies in the OMX Copenhagen 25 index, based on their market capitalisation as of 31 December 2025. Our review covers all publicly available information, including annual reports, tax and sustainability reports, corporate websites, and other relevant sources. This year's analysis focuses on the fiscal year 2025, with a cut-off date of 8 April 2026.

PwC Tax Transparency Framework

We analyse companies' tax information based on the PwC Tax Transparency Framework, which is divided into the following four categories:

1. Approach to tax: The company's overall tax strategy and principles 
2. Tax governance and risk management: Management structures and risk management
3. Tax numbers and performance: Quantitative tax data and reporting
4. Total Tax Contribution (TTC) and wider impact of tax: The companies’ broader economic contribution through taxes.

The framework is aligned with key external standards and guidelines, including GRI 207: Tax 2019, the S&P Corporate Sustainability Assessment (CSA), the OECD Guidelines for Multinational Enterprises, the World Economic Forum's Stakeholder Capitalism Metrics on tax, and the EU's Minimum Safeguards on taxation. 

How we analyse the companies

Across the four categories, a total of 37 data points are scored from 1 to 3. For each category, a score of 100% indicates full compliance with the relevant indicators. The overall indicator is a weighted average of the four categories and reflects the C25 companies' overall compliance with the five external frameworks and standards for tax transparency.