FACT executive director Ian Gary joined experts and allies from Oxfam America, Tax Justice Network Africa, UNDP, and the Australian and Nigerian governments for a panel on global tax transparency as a part of the UNDP’s Dialogue on Tax and SDGs in New York.
In her debut blog, FACT policy director Zorka Milin details how the ongoing Microsoft profit shifting dispute makes a clear case for greater tax transparency requirements for major multinationals.
Progress on public country-by-country in jurisdictions around the globe continues to reinforce the need for decisive action by the Securities and Exchange Commission to set a consistent, strong standard for multinational public tax reporting.
Widespread adoption of public country-by-country reporting requirements could be the silver bullet African nations need to overcome numerous challenges, including the scourge of illicit financial outflows and tax evasion.
Under new standards, many U.S. companies will now have to provide additional information on their total cash taxes paid across jurisdictions, as well as more effectively break down the calculation of their effective tax rates for a given income year.
FACT welcomes the Australian Senate’s introduction of important updates to disclosure requirements surrounding the subsidiaries of public companies, and recommends that Parliament swiftly introduce final legislation to mandate public country-by-country reporting.