Thomas Georges | Page 29 | The FACT Coalition

FACT Sheet: Business Case for Ending Anonymous Companies (February 2019)

February 22, 2019

Anonymous companies are behind just about every financial crime. They are the vehicle of choice for laundering money obtained through illicit activity. Schemes involving terror financing and the trafficking of drugs, illegal weapons, and humans all use anonymous companies to move money, fund operations, and allow bad actors to escape with the proceeds of their crimes and impunity.

The pervasive use of secret shell and front companies also impacts the broader economy. As such, more and more businesses are speaking out.

How Rogue Nations & Sanctioned Groups Use Shell Companies

February 14, 2019

Testimony, reports, and independent assessments all find that anonymous companies are a threat to global peace and security and undermine our ability to keep dangerous actors from accessing our financial system.

How the Tax Code Favors Large Multinational Businesses Over Small and Domestic Ones

January 28, 2019

We need a tax code that creates an even playing field between large multinational corporations and small and domestic businesses, which means ending the ability of the former to engage in offshore shell games.

Experts Agree: The Tax Cuts and Jobs Act Encourages Companies to Shift Activity Offshore

December 18, 2018

Quotes from prominent economic experts explaining the incentive for companies to shift activity offshore in the Tax Cuts and Jobs Act.

FACT Sheet: Business Case for Ending Anonymous Companies (December 2018)

December 3, 2018

The pervasive use of secret shell companies has also begun to impact the broader economy. As such, more and more businesses are speaking out.

Briefing Memo: Publicly Traded Companies Should Publicly Report Where They Are Booking Profits and Paying Taxes

November 30, 2018

As governments around the world begin to crack down on aggressive offshore tax avoidance, numerous companies find themselves in the crosshairs of tax authorities. Alphabet (Google),3 Amazon,4 Apple,5 Caterpillar,6 Gap,7 Facebook,8 Hewlett-Packard,9 McDonalds,10 Microsoft,11 Shell,12 and Starbucks13 have all faced penalties or are in disputes with tax authorities over their aggressive tax avoidance practices.

The new tax law will do little to change the risk factors. While Congress eliminated deferral of taxes for profits booked offshore, the new 50% (or greater) discount on the overseas rate creates a powerful new incentive to move money overseas.14

For policymakers, investors, and other stakeholders to better understand how the tax laws operate in practice, there is a need for public country-by-country reporting (CbCR) of certain revenue, profit, tax, and other information for multinational corporations (MNCs).