FACT releases a new policy platform to guide multinational tax reform in 2025, and Treasury and the SEC release joint proposal introducing anti-money laundering safeguards for investment advisers.
With negotiations surrounding the expiration of large parts of the 2017 Tax Cuts and Jobs Act already underway, lawmakers must move quickly to close costly loopholes, prevent offshoring of jobs and profits, and provide adequate tax transparency for U.S. multinational corporations.
A new report details 25 confirmed or alleged cases of money laundering through U.S. commercial real estate, and a pair of Congressional hearings draw attention to key Treasury actions on international tax reform and beneficial ownership transparency.
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.”
