Under new standards, many U.S. companies will now have to provide additional information on their total cash taxes paid across jurisdictions, as well as more effectively break down the calculation of their effective tax rates for a given income year.
The appointment of U.S. sanctions expert Andrea Gacki to lead the Financial Crimes Enforcement Network will help empower the Bureau to better safeguard the U.S. financial system from ever-evolving threats.
Pressure from the Organization for Economic Cooperation and Development contributed to the Australian government’s decision to alter and delay legislation mandating public country-by-country reporting from large multinational companies last month, according to recent front-page reporting by the Financial Times.
A proposed $24 million cut to the Financial Crimes Enforcement Network threatens to undermine vital anti-money laundering reforms, including the implementation of the Corporate Transparency Act.
Last month, investors representing $346 billion voted in favor of shareholder resolutions calling on major U.S. tech and extractive companies to begin public reporting of tax data on a country-by-country basis.
Oxfam America leads the push for tax transparency in the extractives sector, FACT submits comments to FASB on proposed income tax disclosure revisions, and Australia prepares to vote on public country-by-country reporting.