New Report: Corporate Tax Transparency Becoming the Global Norm
Country-by-country disclosure of companies' taxes is steadily progressing toward a global norm as stakeholders increasingly move toward transparency, according to a new study from the FACT Coalition.
Tax Day Highlights Broken Promises and a Need for Transparency
Those who championed the corporate reforms promised, among other benefits, that the changes would end the offshore shell games by multinationals, profits stashed in tax havens would return to the U.S., and the new competitive rate would attract a flood of foreign direct investment. On Tax Day 2019, the first year of data on corporate taxes under the Tax Cuts and Jobs Act (TCJA), it's time to look at what actually happened. 
57 NATIONAL ORGANIZATIONS TO CONGRESS: End the Corporate Tax Preference for Shifting Jobs & Profits Offshore
The FACT Coalition joined 57 additional organizations to send a letter to Congress supporting the No Tax Breaks for Outsourcing Act – S. 780 and H.R. 1711,  which would eliminate the deep discount that multinational companies get for shifting profits offshore and outsourcing jobs. 
    • Image: Ryan DeBerardinis / Shutterstock

      Investors, Businesses, and Policymakers Increasingly Take Steps Toward Public Country-by-Country Reporting of Tax Information

      WASHINGTON, D.C. – Public disclosure of multinational corporations’ disaggregated profits and taxes is steadily progressing toward a global norm as investors, businesses, and policymakers have increasingly taken steps toward transparency, according to a new study published Tuesday by the Financial Accountability and Corporate Transparency (FACT) Coalition.

    • tax-avoidance-files-shutterstock_382515703-800x450

      “No Tax Breaks for Outsourcing Act” Endorsed by 57 National Organizations, Sponsored by 80 Members of Congress

      WASHINGTON, D.C. – Eighty lawmakers introduced legislation Wednesday that would equalize the tax rates for domestic businesses and multinational corporations — reducing the tax incentive to shift profits and operations overseas that were enacted under the recent tax overhaul, according to the Financial Accountability and Corporate Transparency (FACT) Coalition.

    • Image: hrui / Shutterstock

      Global Reporting Initiative’s Proposal Could Bring Public Country-by-Country Reporting of Taxes, Profits, Revenues, and Employees to More than 4,000 Companies

      Plan Comes as U.S. Senators Call on GM to Disclose Country-by-Country Data

      WASHINGTON, D.C. – A global sustainability standards-setting body issued a proposal Thursday to have multinational companies publicly disclose basic financial information on a country-by-country basis, in a move praised by transparency advocates.  The Sustainability Reporting Standards from the Global Reporting Initiative (GRI) are voluntarily followed by over 4,000 businesses in more than 90 countries.  The draft GRI “Standard on Tax and Payments to Governments” was developed by a multi-stakeholder technical committee consisting of representatives from PricewaterhouseCoopers, MFS Investment Management, Vodaphone PLC, and the Tax Justice Network, among others.

    • shutterstock_1011952036 (1)

      Investors and Analysts Call for More Disclosures around Offshore Tax Practices as Shifting Tax Policies and Increased Enforcement Actions Impact Shareholder Value

      WASHINGTON, D.C. – Investors are at an increasing risk from the lack of information disclosed by companies about their tax practices, according to a new analysis published today by the Financial Accountability and Corporate Transparency (FACT) Coalition.

    • Image: jefftakespics2 / Shutterstock

      WASHINGTON, D.C. — Senate lawmakers introduced legislation Thursday that would make it harder for multinational corporations to game the offshore provisions in the newly adopted tax overhaul.  Sponsored by Sen. Amy Klobuchar (D-MN), the Removing Incentives for Outsourcing Act (S.3674) would ensure that tax rates for profits booked offshore are applied on a per-country basis, rather than on a worldwide average basis — reducing the chance of gaming.

    • Image: Mark Van Scyoc / Shutterstock

      WASHINGTON, D.C. – In response to the news stories about Acting Attorney General Matthew Whitaker receiving payments from an anonymous company called the Foundation for Accountability and Civic Trust (FACT), the Financial Accountability and Corporate Transparency (FACT) Coalition, which has called for greater transparency and an end to anonymous companies, put out the following statement.

    • Image: Andriy Blokhin / Shutterstock

      WASHINGTON, D.C. — More than 60 institutional investors and academics called on regulators Tuesday to require more transparency in corporate filings — including information on offshore tax practices.  The petition to the Securities and Exchange Commission (SEC) is part of a broader effort to align disclosure frameworks with an investment environment focused on long-termism.

    • Image: Lukas Gojda/Shutterstock

      WASHINGTON, D.C. — A bipartisan group of more than twenty state attorneys general urged Congress on Thursday to help them counter money laundering, corruption, and terror financing by passing legislation to end the incorporation of anonymous shell companies in the United States.

    • Delaware-Map-shutterstock_405769123-by-sevenMaps7-1200x627px

      Move Comes as Lawmakers Consider Dropping Important Anti-Money Laundering Section from Legislation

      WASHINGTON, D.C. — Delaware’s top government official overseeing company formation in the state endorsed a bipartisan federal proposal to require companies to disclose their true owners at the time of formation in new a new letter to Congress.

    • Capitol_Tree_Frame

      New Bill Would Plug an Offshore Loophole in Tax Overhaul

      WASHINGTON, D.C. — House lawmakers introduced legislation Wednesday that would make it harder for multinational corporations to game the offshore provisions in the newly adopted tax overhaul.