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.

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.

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.

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.

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.

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.

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.

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.

Tax Experts Travel to California to Present Proposal following November’s Paradise Papers Exposé

SAN FRANCISCO, California / WASHINGTON, D.C. — Facebook investors will vote Thursday on a proposal to require the company’s board to adopt responsible tax principles following the release of November’s Paradise Papers exposé, which exposed the structures behind massive tax dodging schemes of well-known multinational companies, including Apple, Facebook, and Nike.

WASHINGTON, D.C. – Today, more than 50 national organizations sent a letter urging members of Congress to co-sponsor the No Tax Breaks for Outsourcing Act, which would overhaul the new international tax system put in place by the Tax Cuts and Jobs Act to ensure that multinational corporations are no longer allowed to pay a lower tax rate on their offshore profits than they pay on their domestic profits.