FACT’s Executive Director Ian Gary is quoted in a CNBC article discussing Oxfam-led transparency proposals at Exxon Mobil, Chevron, and ConocoPhillips.
Australia may become the first country to require a wide range of MNEs (multinational enterprises), including some headquartered in the United States, to report key tax and operating information that is fully disaggregated on a country-by-country basis,
The design of the OECD’s global tax overhaul may overlook the fact that smaller countries may not have the capacity to administer the complex regime, according to Ryan Gurule of the Financial Accountability and Corporate Transparency Coalition.
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.
