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Tax Transparency

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.

Reuters: Tax activists slam U.S. reporting exemption for defense firms

Tax activists this week criticized a U.S. government move to exempt large defense contractors from a financial disclosure rule meant to fight international tax dodging, saying the need for a national security exemption was unproven.

The Financial Accountability and Corporate Transparency (FACT) Coalition’s criticism came after the U.S. Treasury and Internal Revenue Service sided in late March with defense contractors that had asked the agencies for the exemption.

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Briefing Memo: Ending Offshore Tax Avoidance

There is widespread agreement, across the political spectrum, that the gaming of the tax code by multinational corporations is a problem. When profits and jobs are shipped offshore, we not only harm the U.S. economy, we fuel a tax haven industry that drains wealth around the world.

The tax system under the Tax Cuts and Jobs Act includes loopholes and incentives to shift money and jobs overseas.

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Comments to SEC in Support of Legal Entity Identifier (LEI) Requirements

The FACT Coalition filed a comment on January 2, 2018 with the U.S. Securities and Exchange Commission (SEC) supporting the agency’s proposal to mandate the disclosure of Legal Entity Identifier (LEI) numbers by public companies and their subsidiaries.  The Coalition also urged requiring all public companies to obtain LEIs, ensuring that the LEIs are disclosed in a machine-readable format, and mandating that companies disclose all of their subsidiaries in their disclosures, rather than simply their “significant” subsidiaries.

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