Boosting Tax Transparency to Guard Investors, Protect Taxpayers, and Inform Policymakers
Disclosing more information on where companies book profits, record revenues, and pay taxes would protect taxpayers by discouraging abusive tax avoidance schemes; protect shareholders by providing them with information about the risks associated with their investments; and inform policymakers as Congress considers overhauling the U.S. tax code.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to members of the European Parliament in support of an amendment; which would make corporate tax disclosures public. The full letter can be read below or downloaded here.
Broad Alliance Calls for Accounting Standards to Require Country-by-Country Tax Reporting in Comment Letter
WASHINGTON, D.C. – A broad alliance of organizations and coalitions submitted comments to the Financial Accounting Standards Board (FASB) today—urging the body to require multinational companies to be more transparent about their tax practices. FASB, the private body which sets financial accounting and reporting standards in the United States, has suggested a number of changes to increase the disclosure of foreign tax and income information by companies in their public filings.
The FACT Coalition submitted the below comments to the U.S. Department of the Treasury and the Internal Revenue Service regarding a proposed country-by-country reporting rule.
FACT Coalition Submits Comments to the U.S. Department of the Treasury and the Internal Revenue Service on Proposed Country-by-Country Reporting Rule
WASHINGTON, DC – The Financial Accountability and Corporate Transparency Coalition (or FACT Coalition) submitted comments to the U.S. Department of the Treasury and the Internal Revenue Service today offering strong support for—and recommending measures to further strengthen and clarify—a proposed rule to crack down on abusive tax avoidance by multinational corporations.
