Press Releases & Statements | Page 35

On Apple, U.S. Should Follow Europe’s Lead – Level Playing Field for Small Business to Compete

August 30, 2016

Statement of the FACT Coalition on the E.U.’s Apple Ruling
WASHINGTON, D.C. – The European Commission today announced that Apple would have to re-pay Ireland roughly $14.5 billion in illegal tax breaks, after a three-year investigation discovered that the tech giant escaped with paying about 0.05% in taxes—compared to the official Irish rate of 12%.

Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement.

World’s Largest Banks Endorse Ending Anonymous Shell Companies

August 9, 2016

Letter from The Clearing House Endorses Bipartisan Incorporation Transparency and Law Enforcement Assistance Act
WASHINGTON, D.C. – On Monday, the Clearing House Association—representing the world’s largest commercial banks—sent a letter to Congressional lawmakers supporting strong measures to crack down on the abuse of anonymous companies. The group, which counts among its owners Bank of America, Citibank, JPMorgan Chase, and Wells Fargo, explicitly endorses the bipartisan Incorporation Transparency and Law Enforcement Assistance Act (H.R.4450, S.2489).

New Report: Anonymous Shell Companies Driving Opioid Epidemic

August 1, 2016

New Fair Share Study Highlights 10 Cases that Connect Opioid Trafficking and Related Money Laundering to Anonymous Companies
WASHINGTON, D.C. – As opioid overdose deaths skyrocket, a new report released today by Fair Share Education Fund—a member of the FACT Coalition—highlights the role of anonymous shell companies in facilitating the money laundering, which drives the drug traffickers behind the crisis. Titled “Anonymity Overdose,” the report highlights 10 cases that connect opioid trafficking and related money laundering to anonymous shell companies.

Anonymous Companies Fueling Waste, Fraud, and Abuse of Taxpayers’ Money

July 12, 2016

New Report Highlights Need for Congressional, Administrative Action
WASHINGTON, DC — A new report released today by Global Witness, a member of the Financial Accountability and Corporate Transparency (FACT) Coalition, highlights how anonymous shell companies are ripping-off taxpayers and putting the lives of American military personnel at risk. The report is titled, “Hidden Menace: How Secret Company Owners Are Putting Troops at Risk and Harming American Taxpayers”.

Experts Troubled by Treasury Secretary Taking on “Role of Tax Lobbyist” for Apple

July 12, 2016

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%.

FACT Supports Treasury Actions to Counter Tax Inversions

July 7, 2016

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.”