Building Public Trust Through Tax Reporting 2025

Johannesburg, 25 November 2025 – Marking ten years of analysing the disclosures of the top 100 JSE-listed companies by market capitalisation, this year's Building Public Trust through Tax Reporting study shows a clear shift: tax transparency has moved beyond a compliance requirement to become a strategic lever for trust, stronger governance, and long-term value creation. 

Sustainability and tax: From obligation to opportunity 

This report is released at a critical time when corporate governance is top of mind for South African companies. The recently published King VTM Report on Corporate Governance for South Africa 2025 (King V) calls for a shift from aspirational vision to practical accountability, from long-term ambition to immediate responsibility. At the same time South African companies are at a pivotal moment in their sustainability reporting journeys. Broad adoption of the Integrated Reporting Framework, and increasingly widespread use of global standards, have set a solid foundation. Yet momentum is accelerating as regulatory expectations rise and stakeholder demands intensify, prompting companies to focus on what is material and measurable. 

A framework for robust tax governance

The findings of this year’s study are considered in the context of the four governance outcomes outlined in King V, signaling a decisive shift toward outcomes-based governance evaluation—one that emphasises real, measurable results rather than tick boxes. 

Ethical culture anchors all four outcomes. It shapes how organisations achieve performance and value creation, ensure conformance and prudent control, and earn legitimacy. Performance drives innovation, but without ethical guardrails it can lose direction it can drift off course. Conformance maintains discipline, but without purpose it can become restrictive. Legitimacy builds stakeholder confidence, but it endures only when ethics are embedded and authentic.

Together, these outcomes position tax governance as a strategic asset. Companies that align tax practices with ethical culture don’t just meet expectations, they set new standards. They turn transparency into a competitive advantage, drive sustainable impact, and build trust.

To boards and other governing bodies, the mandate is clear: own the tax strategy, explain how tax contributes to the company’s value and how the company’s tax conduct affects the wider economy and society. 

Why tax transparency matters now more than ever

Amid a rapidly evolving sustainability landscape, tax transparency remains a critical focus. Investors, regulators, employees and communities expect clear, credible insights into how organisations contribute to public finances and manage fiscal risks.

When integrated into strategic decision-making, tax transparency enables:

• Better risk management, through anticipation of fiscal and regulatory change
• Stronger long-term resilience, by aligning tax practices with sustainable business models
• Greater innovation and efficiency, where tax strategy supports growth priorities
• Enhanced talent attraction and retention, as purpose-driven organisations appeal to purpose-driven people

This year’s findings provide timely guidance to help businesses navigate increasing complexity in tax reporting. “Most large, listed companies in South Africa still aren’t disclosing detailed tax information—even when global frameworks are there to guide them. It’s not just a gap. It’s a critical opportunity to step up, Our goal is to help organisations recognise transparency not as a burden—but a strategic tool to enhance reputation, unlock value, and drive better outcomes.” says Mbai Rashamuse, PwC South Africa Tax and Legal Services Leader.