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.
The FACT Coalition sent a letter to House lawmakers Thursday urging them to reject a provocative Congressional Review Act resolution to nullify the bipartisan Cardin-Lugar anti-corruption provisions (Section 1504) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Rolling Back Extractives Transparency Measure Could Hamper National Security
Lawmakers in the House of Representatives are expected to introduce a controversial resolution to repeal a bipartisan anti-corruption safeguard, in a move panned by non-partisan anti-corruption experts.
Former Sen. Richard Lugar (R-IN) and Sen. Ben Cardin (D-MD) sponsored the Energy Security Through Transparency Act, as an amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The provision protects U.S. national security and combats corruption in developing countries (particularly those plagued by extremist violence and conflict) by requiring oil, gas, and mining companies which report to the Securities and Exchange Commission to publicly report all payments made to host-governments.
Tax Avoidance, Illicit Financial Flows, and Global Development: A Call for a United Nations Tax Body
Thursday, January 12, 2016
Join the FACT Coalition and several other groups for a conversation with Foreign Minister Guilluame Long of Ecuador—as they take over the presidency of the G77 + China group of 134 developing nations—to discuss tax avoidance, illicit financial flows, and calls for a United Nations tax body.
Important Steps to Fix the Gaming of the Corporate Tax System
A common theme from both Democrats and Republicans in the recent election was the increasing problem that multinational companies are moving money and jobs offshore. These practices are encouraged by loopholes in the tax code, which encourage companies to move. These loopholes should be closed.
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).
The FACT Coalition filed a comment on October 3, 2016 with the U.S. Securities and Exchange Commission (SEC) cautioning the agency against proceeding with a rule to reduce disclosure to investors and urging the SEC to instead boost transparency through public country-by-country reporting.
