New country-by-country reporting requirements for major multinationals doing business in Australia represent massive breakthrough for global tax transparency, and Treasury appeals misguided nationwide injunction against enforcement of the Corporate Transparency Act.
Many companies, including as many as half of all large U.S. multinationals, will soon begin publicly reporting tax and other financial information for a range of high-risk jurisdictions typically associated with profit shifting and related tax avoidance schemes.
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.
