Gary Kalman, the executive director of the Financial Accountability and Corporate Transparency (FACT) Coalition, spoke on a panel for the United Nations Office on Drugs and Crime on Thursday June 13, 2019. The topic of the panel was innovative methods for ending large-scale financial corruption.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) submitted comments for the record to the Senate Committee on Banking, Housing, and Urban Affairs on their recent hearing on fighting illicit finance.
The FACT Coalition filed a comment on May 31, 2019 with the Financial Accounting Standards Board (FASB) on Proposed Accounting Standards Update for Income Taxes, File Reference No. 2019-500. The full letter can be read below or downloaded here.
On Tax Day 2019, the first year of data on corporate taxes under the Tax Cuts and Jobs Act (TCJA) are coming in. 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.
Opponents of the new law, like the FACT Coalition and our members, argued that the incentives would have the opposite effect: the offshoring of profits would continue and the incentives might well create new (unhelpful) distortions influencing corporate behavior.
It is now time to look at what actually happened. To get a better sense of the impact, consider the following recent excerpts from various news reports and analysis by tax experts.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) submitted comments for the record to the House Financial Services Committee’s Subcommittee on National Security, International Development and Monetary Policy on their hearing recent hearing on corporate transparency. The full letter can be read below or downloaded here.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to the Global Reporting Initiative in support of their exposure draft on “Tax and Payments to Governments”.
