FACT welcomes the Australian Senate’s introduction of important updates to disclosure requirements surrounding the subsidiaries of public companies, and recommends that Parliament swiftly introduce final legislation to mandate public country-by-country reporting.
Read FACT’s statement for the record outlining the urgent need for additional funding and support for the Financial Crimes Enforcement Network, the Bureau of Treasury tasked with implementing the landmark Corporate Transparency Act.
The FACT-endorsed Disclosure of Tax Havens and Offshoring Act requires large multinational corporations to begin public country-by-country reporting of tax and operational data to the Securities and Exchange Commission.
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.