News & Events | Page 18 | The FACT Coalition

FACT Recommends Key Tax Transparency Reforms as Australia Weighs Public Country-by-Country Reporting

September 6, 2022

The Financial Accountability and Corporate Transparency (FACT) Coalition commends the Australian Treasury for its commitment to implement public country-by-country reporting (PCbCR) and submitted comments last week encouraging the adoption of PCbCR best practices. FACT encourages the U.S. Securities and Exchange Commission (SEC) to move quickly to also adopt PCbCR best practices to address information asymmetries between multinationals, investors, policymakers, and other users of financial statements.

Bloomberg Tax: Investors Fly Blind Without Public Country-by-Country Reports

August 30, 2022

Without public country-by-country reporting, investors have little knowledge about the tax strategies of companies they own and the degree to which they may be engaging in risky tax behavior. The Securities and Exchange Commission must address the chasm between what companies know and what they disclose to investors.

Congress Finally Stands up to Tax Dodgers, but International Tax Loopholes Persist: Just the FACTs: August 24

August 24, 2022

On August 16, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA, among other things, creates a corporate alternative minimum tax (CAMT) that applies a 15 percent minimum tax on the largest corporations worldwide, aggregate “book” income, adjusted for certain identified tax preferences.

Revenue Raisers in Inflation Reduction Act Better Position U.S. for Ending Tax Dodging by Multinational Enterprises, But There is Much Left to Accomplish: Just the FACTS: August 9

August 9, 2022

On August 8, the FACT Coalition applauded the inclusion of crucial investments in the Internal Revenue Service (IRS), and specific measures to combat tax dodging by multinational corporations in the Inflation Reduction Act of 2022, which the Senate enacted over the weekend.

Inflation Reduction Act Now, International Tax Reform Tomorrow

August 8, 2022

The Financial Accountability and Corporate Transparency (FACT) Coalition welcomes inclusion of critical investments in the Internal Revenue Service (IRS) and important but incremental steps to tackle tax dodging by multinational enterprises as part of the Inflation Reduction Act of 2022 passed by the Senate this weekend.

Senate Falls Short on Crucial Funding for U.S. Financial Crime Fighters

July 28, 2022

Today, the Senate Appropriations Committee released its draft appropriations bills for fiscal year 2023 that provided just $189 million to the Financial Crimes Enforcement Network (FinCEN). While it is an increase above FY2022 enacted levels, the Senate figure falls short of the funding approved last week by the House and requested by the President by a sum of $21 million.