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.
In a 2019 report FACT pointed out the growing momentum for tax transparency. Now, it seems, that growth is explosive.
More than 100 investors, small business associations, NGOs, and unions have voiced their support for country by country reporting of important financial information.
FACT joined more than 40 organizations in support of Gary Gensler’s nomination as SEC Chair
FACT sent comments to Congress on hearing on corporate disclosures.
The Financial Accountability and Corporate Transparency (FACT) Coalition welcomed the final report from a UN panel shining a spotlight on the need to fight illicit financial flows and raise government revenues through global tax reform.