Germany has expressed its intention to move forward with a crucial piece of the OECD’s global tax agreement, introducing legislation to create a minimum corporate tax with or without the rest of the European Union.
On August 16, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA, among other things, creates a corporate alternative minimum tax (CAMT) that applies a 15 percent minimum tax on the largest corporations worldwide, aggregate “book” income, adjusted for certain identified tax preferences.
On August 8, the FACT Coalition applauded the inclusion of crucial investments in the Internal Revenue Service (IRS), and specific measures to combat tax dodging by multinational corporations in the Inflation Reduction Act of 2022, which the Senate enacted over the weekend.
The FACT Coalition offers advice to the Financial Action Task Force as a part of their public consultation on Recommendation 25.
To tackle global corruption, the U.S. must start by cleaning up its own house through the reforms discussed in this blog, as well as by working collaboratively with African nations, civil society actors, and professionals to properly stem the root causes and key loopholes that enable capital flight, illicit financial flows, and corrupt or criminal financial abuses.
Yesterday, the U.S. House of Representatives approved as part of the must-pass defense spending bill the “ENABLERS” Act. The Act requires certain professional service providers that are best positioned to act as “gatekeepers” to the U.S. financial system to adopt common sense anti-money laundering procedures that can help detect, flag, and prevent the laundering of corrupt and other criminal funds into the United States.
