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.
The FACT Coalition commends the IRS for its ongoing efforts to collect country-by-country reporting data on Form 8975, as well as its aggregation and publication of related information.
Also this week: a new blog by FACT government affairs director Erica Hanichak, and a great upcoming panel discussion cohosted by FACT, GATJ, and the Nawi Collective.
Why 2023 is the year that FACT is pushing the SEC to use its authority to advance public country-by-country tax and operations reporting.
FACT Policy Director Ryan Gurule is quoted by Politico on FASB’s progress towards greater tax disclosures and the remaining need for comprehensive PCBCR.
In this article, Gurule
compares emerging
financial transparency
rules in Australia and
the United States that
would affect how U.S.
multinationals publicly
report tax and other
operating information.
Microsoft investors representing more than $305 billion voted in favor of a shareholder proposal calling on the company to publicly disclose information about its offshore operations and tax practices on a country-by-country basis at Microsoft’s annual general meeting.
