Statement by FACT Executive Director Gary Kalman
WASHINGTON, DC – U.S. Treasury Secretary Jack Lew is traveling to Europe this week for, among other reasons, the purpose of talking with European Commission officials to argue against invalidating a special tax deal that allows Apple to direct tens of billions of dollars in worldwide revenues to Ireland and pay a tax rate in the range of 1%.
Coalition Submits Comments in Support of Two Treasury/IRS Rules to Combat Abusive Tax Dodging by Multinationals
WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition submitted comments to the U.S. Department of the Treasury today in support of two proposed measures to combat abusive tax dodging through corporate tax inversions. In April, the Treasury Department announced two new measures to make it harder for multinational corporations to invert to dodge taxes. One measure targets a tax dodging technique known as “earnings stripping,” while the other rule targets repeat offenders known as “serial inverters.”
New Rules Target the Gaming of the Tax Code
WASHINGTON, DC —The U.S. Department of Treasury released new rules today to require multinational companies to report profits and taxes paid on a country by country basis. This is the first time that this information is being gathered in the United States and shared with other nations. The information will be filed with the IRS and shared with states’ and other countries’ tax authorities with which the U.S. has agreements to exchange tax information.
FACT Members, Partners to Speak at Friday IRS Hearing on Proposed Country-by-Country Reporting Rule
Multinational Profit Shifting Costs Taxpayers $111 Billion per Year
WASHINGTON, DC — The Internal Revenue Service is holding a public hearing Friday morning on proposed rules to crack down on corporate tax dodging by requiring multinational companies to report to the IRS their profits earned, taxes paid, and employee numbers on a country-by-country basis. Members and allies of the FACT Coalition are set to testify on the proposal, known as “country-by-country reporting”.
U.S. Called Out as Among Easiest Countries to Open Anonymous Shell Companies Renewing Calls for Congressional Action
WASHINGTON, DC — The International Consortium of Investigative Journalists (ICIJ) published more than 200,000 documents from a trove of leaked files known as the Panama Papers this afternoon, renewing calls from anti-money laundering and tax policy experts in favor of bipartisan transparency measures to curb terror finance, corruption, and tax evasion. The bill is called the Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450 |S. 2489).
Loopholes in New Treasury Rule Perpetuate Problem of Anonymous U.S. Shell Companies—Enabling Terror Finance, Crime, and Corruption
WASHINGTON, DC – Leading anti-corruption, anti-money laundering, and tax policy experts expressed deep concerns about a set of rules and proposals announced by the Obama Administration last night in the wake of the so-called “Panama Papers” revelations.
