The OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One represents a historic and long overdue step to allow greater taxing rights for destination countries, as well as a potential source of expanded US public revenues.
FACT recommends that the FATF employ stronger language to encourage countries to establish enhanced beneficial ownership reporting standards for trusts and other under-regulated entities.
In her debut blog, FACT policy director Zorka Milin details how the ongoing Microsoft profit shifting dispute makes a clear case for greater tax transparency requirements for major multinationals.
Under new standards, many U.S. companies will now have to provide additional information on their total cash taxes paid across jurisdictions, as well as more effectively break down the calculation of their effective tax rates for a given income year.
