Multinational companies do not publicly report on where they are making their money or what taxes they are paying to whom. Investors, policymakers, and citizens have no idea exactly how they are gaming the system—what they tell us versus what they tell other countries. They should have to write it down in one place and report it on a country-by-country basis, so that the public, policymakers, and shareholders can see what they are really paying.
FACT applauds the reintroduction by Senator Chris Van Hollen and Representative Brittany Pettersen of the Disclosure of Tax Havens and Offshoring Act, legislation that would require American multinational corporations to publish expanded financial information on their offshore operations.
In this month’s edition of Just the FACTs, Erica Hanichak and Zorka Milin are named FACT co-directors, Microsoft and other major multinationals release their first EU international tax reports, Julia Yansura contributes to hard-hitting reporting on Ecuadorian gold, and more.
Read the farewell blog from outgoing FACT executive director Ian Gary, who reflects on his decades-long career in international social justice advocacy, and looks toward a brighter future where democracy is better able to deliver for people and hold powerful actors accountable.
“Microsoft’s new tax disclosures raise serious questions about the misalignment of economic substance and where profits are located, and how much revenue the U.S. and other market countries are losing as a result.” – Zorka Milin, Co-Director of the FACT Coalition
FACT is pleased to announce the appointment of Zorka Milin and Erica Hanichak as co-directors following the departure of executive director Ian Gary.
In this month’s edition of Just the FACTs, New York Times analysis shows widespread use of tax havens by major multinationals, the GAO releases a new report on risks from anonymous shell companies, and Senators Warren and Wyden call on Treasury to act to keep dirty gold out of the U.S. Mint.
