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 provides Senate testimony twice in one week, and Treasury’s new draft rules for real estate transactions and investment advisers draw the U.S. closer to shedding it’s status as the world’s number-one destination for dirty money.
While Australia’s revised public country-by-country reporting draft legislation walks back the original measure’s ambitious scope, it still represents a meaningful step forward for multinational tax transparency.
In January, FACT, TI-US, and GFI held a press briefing detailing the Coalition’s main policy areas to watch in 2024, including imminent actions by Treasury addressing money laundering risks through U.S. real estate and private investment markets, as well as new work at the intersection of environmental and financial crime.
FACT Executive Director Ian Gary reflects on the policy victories, new Coalition members, media hits, and emerging issues that defined FACT’s 2023, and turns an eye to the year ahead.
A former top Treasury official laid out the case for public country-by-country reporting requirements for U.S. multinationals at a recent Senate Budget Committee hearing, and a long-awaited rule introducing anti-money laundering responsibilities for investment advisors is now under regulatory review.
UN Development Dialogue highlights growing momentum for public country-by-country reporting, Canada passes public beneficial ownership reporting requirements, and the UN votes to begin international tax reform negotiations.
