The Administration’s updated regulatory agenda indicates that the second final rule to implement the Corporate Transparency Act will be released in September, while much-needed new draft regulations on real estate transactions will be made available for comment in August.
Oxfam America leads the push for tax transparency in the extractives sector, FACT submits comments to FASB on proposed income tax disclosure revisions, and Australia prepares to vote on public country-by-country reporting.
FACT’s comments on the Financial Accounting Standards Board’s proposed revisions to income tax disclosures for public companies was cited in coverage by Thomson Reuters’ Denise Lugo.
In comments submitted May 30, FACT recommended that the Financial Accounting Standards Board expand its proposed revisions to tax disclosure requirements to include additional information on revenues, income, and effective tax rates on a disaggregated basis.
FACT Coalition member Oxfam America released new statistics detailing support by investors with over $10 trillion in assets under management for public country-by-country reporting of tax and operational data for large multinationals.
Top Treasury officials outline recent and upcoming anti-money laundering initiatives before Congress, and FACT submits comments advising swift passage and implementation of new Australian tax transparency draft legislation.
