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.
Pressure from the Organization for Economic Cooperation and Development contributed to the Australian government’s decision to alter and delay legislation mandating public country-by-country reporting from large multinational companies last month, according to recent front-page reporting by the Financial Times.
New York State passes legislation to implement the nation’s first public beneficial ownership registry, Australia delays groundbreaking tax transparency measures, and recent global fora highlight the need for new measures to curb illicit finance.
FACT Coalition member Oxfam America released new statistics detailing support by investors with over $10 trillion in assets under management for public country-by-country reporting of tax and operational data for large multinationals.
Top Treasury officials outline recent and upcoming anti-money laundering initiatives before Congress, and FACT submits comments advising swift passage and implementation of new Australian tax transparency draft legislation.
In comments submitted April 28, FACT welcomed the application of strong reporting requirements largely in line with – and in some cases improving upon – international best practices for a wide variety of multinational enterprises, and offered recommendations to ensure the ultimate efficacy of Australia’s proposed public country-by-country reporting regime
