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.
FACT Coalition member Oxfam America released new statistics detailing support by investors with over $10 trillion in assets under management for public country-by-country reporting of tax and operational data for large multinationals.
In comments submitted April 28, FACT welcomed the application of strong reporting requirements largely in line with – and in some cases improving upon – international best practices for a wide variety of multinational enterprises, and offered recommendations to ensure the ultimate efficacy of Australia’s proposed public country-by-country reporting regime