Pressure from the Organization for Economic Cooperation and Development contributed to the Australian government’s decision to alter and delay legislation mandating public country-by-country reporting from large multinational companies last month, according to recent front-page reporting by the Financial Times.
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.
Following an EU political agreement to implement a 15 percent global minimum corporate tax, the FACT Coalition calls on Congress to move swiftly to adopt international tax reforms in line with the OECD’s Pillar 2.
The design of the OECD’s global tax overhaul may overlook the fact that smaller countries may not have the capacity to administer the complex regime, according to Ryan Gurule of the Financial Accountability and Corporate Transparency Coalition.
On August 16, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA, among other things, creates a corporate alternative minimum tax (CAMT) that applies a 15 percent minimum tax on the largest corporations worldwide, aggregate “book” income, adjusted for certain identified tax preferences.
The Financial Accountability and Corporate Transparency (FACT) Coalition welcomes inclusion of critical investments in the Internal Revenue Service (IRS) and important but incremental steps to tackle tax dodging by multinational enterprises as part of the Inflation Reduction Act of 2022 passed by the Senate this weekend.