A new reporting regime, which demands an unprecedented openness in the way large credit, investment and banking institutions disclose their tax payments in the different countries where they operate, is to take effect as early as January 2014.

The disclosures are a result of late amendments to the European Commission's Capital IV Directive which was published in June. They come amidst various initiatives to redesign tax rules so that they extract the appropriate amount of tax from financial institutions and other multinationals operating in the different jurisdictions around the world.