Move Comes as Lawmakers Consider Dropping Important Anti-Money Laundering Section from Legislation
WASHINGTON, D.C. — Delaware’s top government official overseeing company formation in the state endorsed a bipartisan federal proposal to require companies to disclose their true owners at the time of formation in new a new letter to Congress.
New Bill Would Plug an Offshore Loophole in Tax Overhaul
WASHINGTON, D.C. — House lawmakers introduced legislation Wednesday that would make it harder for multinational corporations to game the offshore provisions in the newly adopted tax overhaul.
Criminals and corrupt government officials and businesses use anonymous companies – usually registered in Western, developed countries – to move and hide assets, launder money, and evade law enforcement. The true owners of these companies should be required to report to authorities their identity when incorporating as a company or legal entity. This simple transparency would make it much harder for corrupt officials to steal vast wealth from their populations.
Though it may seem fanciful, there is a powerful tool that is tailor made for simultaneously combating North Korean nukes, Russian aggression, Chinese influence, and Iranian maleficence. This tool is beneficial ownership. In practice, existing beneficial ownership rules in the United States require compliance departments to collect, verify, and store data on clients, all at a cost to the consumer.
Tax Experts Travel to California to Present Proposal following November’s Paradise Papers Exposé
SAN FRANCISCO, California / WASHINGTON, D.C. — Facebook investors will vote Thursday on a proposal to require the company’s board to adopt responsible tax principles following the release of November’s Paradise Papers exposé, which exposed the structures behind massive tax dodging schemes of well-known multinational companies, including Apple, Facebook, and Nike.
WASHINGTON, D.C. – Today, more than 50 national organizations sent a letter urging members of Congress to co-sponsor the No Tax Breaks for Outsourcing Act, which would overhaul the new international tax system put in place by the Tax Cuts and Jobs Act to ensure that multinational corporations are no longer allowed to pay a lower tax rate on their offshore profits than they pay on their domestic profits.
