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 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.
The FACT Coalition commends the IRS for its ongoing efforts to collect country-by-country reporting data on Form 8975, as well as its aggregation and publication of related information.
Also this week: a new blog by FACT government affairs director Erica Hanichak, and a great upcoming panel discussion cohosted by FACT, GATJ, and the Nawi Collective.
Why 2023 is the year that FACT is pushing the SEC to use its authority to advance public country-by-country tax and operations reporting.
