New country-by-country reporting requirements for major multinationals doing business in Australia represent massive breakthrough for global tax transparency, and Treasury appeals misguided nationwide injunction against enforcement of the Corporate Transparency Act.
Many companies, including as many as half of all large U.S. multinationals, will soon begin publicly reporting tax and other financial information for a range of high-risk jurisdictions typically associated with profit shifting and related tax avoidance schemes.
Read FACT’s submission ahead of the UN’s Fourth International Conference on Financing for Development, including recommendations to improve domestic revenue mobilization and counter illicit financial flows through critical financial transparency reforms.
In his latest blog, FACT executive director Ian Gary argues that tax reform must be at the center of the “financing for development” agenda, and that multinational tax transparency has a key role to play in helping Global South countries generate revenues to fund their development needs.
As key jurisdictions around the globe implement enhanced tax transparency measures for major multinational corporations, the U.S. risks falling behind to the detriment of American investors and workers, at a time when U.S. policymakers are considering important tax reforms.
Read the new report by former-FACT policy fellow Gabriel Aliu on the use case for public country-by-country reporting for Global South tax authorities, drawing on interviews conducted with Global South tax officials and other experts.
