Highly profitable multinational companies engage in aggressive tax planning, which has sparked public debate. Calls for more transparency in financial reporting have led to proposals for Country-by-Country Reporting (CbCR) by the OECD and the European Commission. However, current financial statements and data sources are not suitable for providing country-specific tax information. The benefits of CbCR do not seem to outweigh the associated costs, as tax planning is based on exploiting legal loopholes. Instead, enforcing tax rules and closing gaps in tax law, such as through standardized transfer pricing regulations, is suggested to limit profit shifting.