The FACT Coalition sent a letter to the U.S. Securities and Exchange Commission voicing concerns that the proposed SEC rule does not currently align itself with the emerging global standards around transparency of tax and payments to governments.
33 members of Congress sent a letter to the OECD supporting implementation of Country-by-Country Reporting rules in the OECD tax transparency guidelines.
Multinational corporations currently report only their global financial accounts to investors and the public. Requiring them to publicly report basic financial information on a country-by-country basis will reduce the abuse of tax havens and help investors assess tax-related risk.
WASHINGTON, D.C. – A global sustainability standard-setting body finalized a proposal to have multinational companies publicly disclose basic financial information on a country-by-country basis — a move that was praised by transparency advocates.
In recent days, presidential candidates Sen. Kamala Harris and New York Mayor Bill DeBlasio have called for taxing corporate profits the same whether they are earned in the United States or abroad. These calls echo the position of Sen. Bernie Sanders, who has long had a proposal along these lines. As ITEP has explained, correcting this inequity is not a mere detail but rather a sweeping reform that could end incentives for companies to shift profits and jobs offshore.