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.
It is vital that Australia maintain its proposed definition and implement final laws that require [public country-by-country reporting] from any [multinational corporation] with established taxable contacts in Australia,” Ryan Gurule, policy director at the FACT Coalition, said in a statement.
Australia is poised to deliver a global breakthrough in tax transparency with a new budget for FY2023 including strong public country-by-country reporting (PCbCR) requirements for certain large multinational enterprises (MNEs).
The FACT Coalition applauds the Australian Treasury for today’s budget proposal to enact strong public country-by-country reporting (PCbCR) requirements for certain large multinational enterprises, including entities headquartered in foreign jurisdictions.
With a robust first rulemaking on the landmark Corporate Transparency Act (CTA), the Biden Administration has taken an important step toward delivering on its commitment to making the fight against corruption a foremost national security priority.
US companies have resisted the public country-by-country reporting of key financial information that is necessary for adequate tax transparency. Hess and Newmont’s announcements show that US companies are finally catching up with their international peers.
The Sentry’s report points to major ways the international community must act to deny kleptocrats the “brain trust” on which they rely to perpetrate their crimes. It’s up to the U.S. to be a leader, not a laggard, in implementing a robust anti-money laundering regime.
