The OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One represents a historic and long overdue step to allow greater taxing rights for destination countries, as well as a potential source of expanded US public revenues.
UN Development Dialogue highlights growing momentum for public country-by-country reporting, Canada passes public beneficial ownership reporting requirements, and the UN votes to begin international tax reform negotiations.
A recent draft rule by Treasury’s FinCEN to implement the Corporate Transparency Act contains severe deficiencies that, if left in place, could “undermine U.S. national security and global leadership in the fight against corruption.”
2023 promises to be a very busy year for FACT as we continue to push for international tax reform to fight tax dodging by large multinationals.
Less than a week after the conclusion of the IACC, the Biden Administration took another big step toward meeting its anti-money laundering and anti-corruption commitments with the release of the second draft rule to implement the Corporate Transparency Act early today.
“Whoever is in power after the election is going to be facing pressure to addressing expiring tax cuts from the Tax Cuts and Jobs Act, protect popular social spending provisions in the tax code and navigate international tax reform efforts that seem to be happening with or without the United states that will impact U.S. multinationals,” Gurule said.
