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.
In comments submitted May 30, FACT recommended that the Financial Accounting Standards Board expand its proposed revisions to tax disclosure requirements to include additional information on revenues, income, and effective tax rates on a disaggregated basis.
FACT Coalition member Oxfam America released new statistics detailing support by investors with over $10 trillion in assets under management for public country-by-country reporting of tax and operational data for large multinationals.
In comments submitted April 28, FACT welcomed the application of strong reporting requirements largely in line with – and in some cases improving upon – international best practices for a wide variety of multinational enterprises, and offered recommendations to ensure the ultimate efficacy of Australia’s proposed public country-by-country reporting regime
In comments submitted on April 28, FACT applauded the Australian government’s draft legislation to mandate public country-by-country reporting of tax data from large multinationals, and offered recommendations for effective implementation of the new tax transparency regime.
Australia introduces public country-by-country reporting legislation with global reach, and FACT, Transparency International U.S., and Main Street Alliance submit their defense of the Corporate Transparency Act in court.
The legislation – expected to pass through the Australian Parliament this year – represents the first public country-by-country reporting regime with global reach to be advanced by any major jurisdiction.
