Public Disclosure of Country-by-Country Financial Information Would Better Inform Investors
Responding to a recent concept release from the U.S. Securities and Exchange Commission, the Financial Accountability and Corporate Transparency (FACT) Coalition submitted comments to the SEC on Wednesday, July 6, 2016 urging that—to better inform investors—the agency should revise its international tax disclosure framework to specifically require multinational corporations to disclose, on an annual, country-by-country basis:
- profit or loss before taxes;
- income tax accrued for the current year;
- revenues from unrelated parties, related parties, and in total;
- income tax paid (on a cash basis);
- effective tax rate;
- stated capital;
- accumulated earnings;
- number of employees; and
- tangible assets other than cash or cash equivalents.
The full letter can be read below or downloaded here.