In response to a question from Senator Van Hollen in a Senate oversight hearing, Chair Gensler says the SEC is considering disclosures to give investors better insights into where corporations book profits and pay taxes.
On August 8, the FACT Coalition applauded the inclusion of crucial investments in the Internal Revenue Service (IRS), and specific measures to combat tax dodging by multinational corporations in the Inflation Reduction Act of 2022, which the Senate enacted over the weekend.
Tax and climate activists have a rare opportunity to join forces on public country-by-country reporting, a key tool to ending the global race to the bottom and unveiling unsustainable business practices.
More than 100 investors, small business associations, NGOs, and unions have voiced their support for country by country reporting of important financial information.
Requiring multinational corporations 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.
Members of the small business community voice their support for the Disclosure of Tax Havens and Offshore Act (H.R. 5933).