Australia’s recently-introduced public country-by-country reporting legislation would dramatically improve tax transparency for major multinational corporations, benefiting investors, lawmakers, journalists, and the general public.
Treasury says it will continue ownership information reporting after legal setback in Alabama, and FACT provides comments on Australia’s revised public country-by-country reporting draft legislation.
While Australia’s revised public country-by-country reporting draft legislation walks back the original measure’s ambitious scope, it still represents a meaningful step forward for multinational tax transparency.
In his latest blog, FACT policy fellow Luke Rowe outlines the impact of widespread money laundering through real estate purchases on property values, social stability, and the environment, and details reforms necessary to tackle these crimes in Australia and the U.S.
Progress on public country-by-country in jurisdictions around the globe continues to reinforce the need for decisive action by the Securities and Exchange Commission to set a consistent, strong standard for multinational public tax reporting.
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.
