Ian Gary, executive director of the FACT Coalition, a nonprofit that promotes corporate transparency, said in an email that the new rule “will protect our financial system and small businesses from the criminal abuse of anonymous shell companies.”
In recent decades, public interest organizations—such as the Transparency International, Global Financial Integrity, FACT Coalition, and Tax Justice Network—have labored to shine sunlight on the tax practices of huge multinational entities that siphon significant resources that properly belong to the people.
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.
“Whoever is in power after the election is going to be facing pressure to addressing expiring tax cuts from the Tax Cuts and Jobs Act, protect popular social spending provisions in the tax code and navigate international tax reform efforts that seem to be happening with or without the United states that will impact U.S. multinationals,” Gurule said.
The Financial Accountability and Corporate Transparency (FACT) Coalition, founded in 2011, spent nearly a decade producing investigative reports, lobbying legislators and building a coalition with interest groups such as Friends of the Earth and Polaris.
The Financial Accountability and Corporate Transparency (FACT) Coalition, an international transparency advocacy group, said it supported the regs and urged Treasury to “accelerate the remaining rulemaking processes to fully implement this groundbreaking anti-money-laundering reform.”
