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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.

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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EU to Vote on Public Tax Disclosure

In a post Panama Papers world, secrecy seems to be losing its caché.   Public officials and the citizens they represent express increasing frustration with the hidden finances of powerful multinational companies and the ultra-wealthy.

In recent months, tax enforcement in the European Union (EU) has been stepped up with cases accusing tax haven countries of providing illegal state aid, aggressive tax avoidance strategies are being challenged and there is a promising push for greater financial transparency and accountability.

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FACT Sheet: Stop Tax Haven Abuse Act of 2017

Tax haven abuse undermines the fairness of our tax code. By shifting profits to offshore tax havens, multinational corporations avoid over $100 billion in taxes each year. Wealthy individuals evade an estimated $40 to $70 billion. The Stop Tax Haven Abuse Act of 2017 (S. 851/H.R. 1932) will close many of the loopholes that allow multinational companies and the wealthy to play by a different set of rules than the rest of us.

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