News & Events

Global Tax Deal Advances, but Questions Persist

A two-pillar framework agreed to by the OECD for taxing large multinational corporations represents a paradigm shift in the way that these companies are taxed—allocating the right to tax certain excess profits of very large companies to “market” jurisdictions and creating a global minimum corporate tax— but concerns about the long-term political viability of the proposal merit consideration.

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Massive “Pandora Papers” Financial Secrecy Leaks Highlight Need for U.S. Reforms

The International Consortium of Investigative Journalists, along with major news outlets such as the Washington Post, yesterday revealed the largest leak of private financial records to date, eclipsing the Panama Papers in scope and scale. The “Pandora Papers” confirm the use of a secretive “offshore” financial system that allows criminals, world leaders, and others to hide billions of dollars from authorities, fueling tax dodging and corruption.

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Investors Call on Financial Accounting Standards Board to Prioritize Public Country-by-Country Tax Reporting

Yesterday, investors with over $2.9 trillion in assets under management called on the Financial Accounting Standards Board (FASB) to prioritize public country-by-country tax reporting as part of FASB’s future standard-setting agenda. Signatories represented a broad coalition of asset managers, public pension funds, labor funds, international investors, foundations and religious investors.

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