In comments submitted May 30, FACT recommended that the Financial Accounting Standards Board expand its proposed revisions to tax disclosure requirements to include additional information on revenues, income, and effective tax rates on a disaggregated basis.
In comments submitted on April 28, FACT applauded the Australian government’s draft legislation to mandate public country-by-country reporting of tax data from large multinationals, and offered recommendations for effective implementation of the new tax transparency regime.
The FACT Coalition commends the IRS for its ongoing efforts to collect country-by-country reporting data on Form 8975, as well as its aggregation and publication of related information.
In this article, Gurule compares emerging financial transparency rules in Australia and the United States that would affect how U.S. multinationals publicly report tax and other operational information.
The time is now for the U.S. Securities and Exchange Commission (SEC) to use its authority under current law to require large multinational enterprises (MNEs) to publicly report basic financial information on a country-by-country basis.
In advance of the Second U.S.-Africa Leaders’ Summit, leaders in the U.S. and Africa must seize the moment to advance a new partnership to curb Illicit Financial Flows, corruption, and tax dodging.
