Tax Transparency | Page 32 | The FACT Coalition

House Attempts to Repeal Bipartisan Anti-Corruption Safeguard in Controversial Move

January 26, 2017

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.

A Conversation With Ecuador’s Foreign Minister on Tax Avoidance

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.

Briefing Memo: Tax Reform

January 5, 2017

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

October 4, 2016

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).

FACT Urges SEC to Reconsider Proposed “Disclosure Update and Simplification” Rule

October 3, 2016

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.

Groups Push Accounting Body on Multinational Tax Transparency

September 30, 2016

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.