Australia introduces public country-by-country reporting legislation with global reach, and FACT, Transparency International U.S., and Main Street Alliance submit their defense of the Corporate Transparency Act in court.
The legislation – expected to pass through the Australian Parliament this year – represents the first public country-by-country reporting regime with global reach to be advanced by any major jurisdiction.
Why 2023 is the year that FACT is pushing the SEC to use its authority to advance public country-by-country tax and operations reporting.
Australia may become the first country to require a wide range of MNEs (multinational enterprises), including some headquartered in the United States, to report key tax and operating information that is fully disaggregated on a country-by-country basis,
It is vital that Australia maintain its proposed definition and implement final laws that require [public country-by-country reporting] from any [multinational corporation] with established taxable contacts in Australia,” Ryan Gurule, policy director at the FACT Coalition, said in a statement.
The FACT Coalition applauds the Australian Treasury for today’s budget proposal to enact strong public country-by-country reporting (PCbCR) requirements for certain large multinational enterprises, including entities headquartered in foreign jurisdictions.
