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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.

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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Remarks on Press Call about Nike Shareholder Resolution on Responsible Tax Practices

Clark Gascoigne, the deputy director of the Financial Accountability and Corporate Transparency Coalition (FACT Coalition) delivered remarks on a press call with reporters as the AFL-CIO and Domini Impact Investments announced that they were filing a shareholder resolution with Nike calling for responsible tax practices in the wake of the Paradise Papers leak.

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FACT Sheet: Public Country-by-Country Reporting

Boosting Tax Transparency to Guard Investors, Protect Taxpayers, and Inform Policymakers
Disclosing more information on where companies book profits, record revenues, and pay taxes would protect taxpayers by discouraging abusive tax avoidance schemes; protect shareholders by providing them with information about the risks associated with their investments; and inform policymakers as Congress considers overhauling the U.S. tax code.

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Sixteen Members of the House of Representatives Sent a Letter Urging the Financial Accounting Standards Board (FASB) to Require Country by Country Tax Reporting

Sixteen members of the House of Representatives sent a letter to the Financial Accounting Standards Board (FASB), urging them to require multinational companies to be more transparent in reporting where they pay taxes and book profits. Specifically, they called on the accounting body to require that companies disclose their taxes and profits on a country-by-country basis.

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