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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.

New Report: Multinationals Dodging $718bn in U.S. Taxes on Profits Booked Offshore

New Analysis Underscores Need to End Deferral, Boost Transparency of Companies’ Offshore Tax Practices
WASHINGTON, D.C. – The largest American companies have stashed nearly $2.5 trillion in profits offshore allowing them to dodge $718 billion in U.S. taxes, according to a new report released Tuesday by Citizens for Tax Justice (CTJ), the Institute on Taxation and Economic Policy (ITEP), and the U.S. Public Interest Research Group (PIRG) Education Fund—all members of the Financial Accountability and Corporate Transparency Coalition (FACT Coalition).

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Groups Push Accounting Body on Multinational Tax Transparency

Broad Alliance Calls for Accounting Standards to Require Country-by-Country Tax Reporting in Comment Letter
WASHINGTON, D.C. – A broad alliance of organizations and coalitions submitted comments to the Financial Accounting Standards Board (FASB) today—urging the body to require multinational companies to be more transparent about their tax practices.  FASB, the private body which sets financial accounting and reporting standards in the United States, has suggested a number of changes to increase the disclosure of foreign tax and income information by companies in their public filings.

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Coalition Welcomes New Tax Transparency Bill

Corporate Transparency and Accountability Act Would Better Inform Investors on Tax Risks Associated with Multinational Companies
WASHINGTON, D.C. – Rep. Mark Pocan (D-WI) today introduced a new bill, which would shine a light on the offshore tax practices of multinational companies.  The Corporate Transparency and Accountability Act of 2016 would require publicly-traded multinational companies to report in their disclosure statements to investors information about revenues, profits, taxes, and certain operations on a country-by-country basis.

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