FACT sent comments to Congress on Hearing on International Corporate Tax Policies such as GILTI, BEAT, and FDII
These past few weeks have seen “explosive” momentum in the movement for tax transparency. The United Nations High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) published their report in late February, recommending a broad slate of much-needed global reforms including public country-by-country reporting (PCbCR) of taxes and other financial information by multinational companies. This year, the Global Reporting Initiative put into effect the first global voluntary standard on public country-by-country tax reporting. The standard, known as GRI 207, has already attracted early support from Philips, Orsted, Alliance, and Newmont.
When people think of the corporate tax cuts that were included in the so-called Tax Cuts and Jobs Act (TCJA) enacted by Trump and congressional Republicans in 2017, they usually think of the reduction in the corporate tax rate from 35 percent to 21 percent. But that was not the only corporate giveaway.
House, Senate introduce legislation to end corporate incentives to shift profits and jobs offshore
90 NGOs call on Congress to end the corporate tax preference for shifting jobs & profits offshore
US multinational corporations currently pay little to no US tax on their foreign profits, which incentivizes these companies to shift profits and real operations to tax havens.