This week, the Securities and Exchange Commission (SEC) handed Amazon investors a major victory in their drive for greater tax transparency. In response to Amazon’s attempts to exclude a shareholder proposal urging greater disclosures, the SEC ruled that the company must include the proposal in its upcoming annual meeting of investors, to be held in May.
Recent progress achieved through creating a global minimum corporate tax must be complemented by greater tax transparency and enforcement. As the saying goes, “sunlight is the best disinfectant.”
13 Senators sent a letter to the Financial Accounting Standards Board to urge them to boost tax transparency.
The FACT Coalition filed a comment on May 31, 2019 with the Financial Accounting Standards Board (FASB) on Proposed Accounting Standards Update for Income Taxes, File Reference No. 2019-500. The full letter can be read below or downloaded here.
A group of investors representing more than $1 trillion assets under management signed a letter to the Financial Accounting Standards Board, urging FASB to reconsider the Exposure Draft and support country-by-country reporting.
Investors, Businesses, and Policymakers Increasingly Take Steps Toward Public Country-by-Country Reporting of Tax Information
WASHINGTON, D.C. – Public disclosure of multinational corporations’ disaggregated profits and taxes is steadily progressing toward a global norm as investors, businesses, and policymakers have increasingly taken steps toward transparency, according to a new study published Tuesday by the Financial Accountability and Corporate Transparency (FACT) Coalition.