New York State passes legislation to implement the nation’s first public beneficial ownership registry, Australia delays groundbreaking tax transparency measures, and recent global fora highlight the need for new measures to curb illicit finance.
The FACT-endorsed Disclosure of Tax Havens and Offshoring Act requires large multinational corporations to begin public country-by-country reporting of tax and operational data to the Securities and Exchange Commission.
Last month, investors representing $346 billion voted in favor of shareholder resolutions calling on major U.S. tech and extractive companies to begin public reporting of tax data on a country-by-country basis.
Oxfam America leads the push for tax transparency in the extractives sector, FACT submits comments to FASB on proposed income tax disclosure revisions, and Australia prepares to vote on public country-by-country reporting.
In comments submitted April 28, FACT welcomed the application of strong reporting requirements largely in line with – and in some cases improving upon – international best practices for a wide variety of multinational enterprises, and offered recommendations to ensure the ultimate efficacy of Australia’s proposed public country-by-country reporting regime
The time is now for the U.S. Securities and Exchange Commission (SEC) to use its authority under current law to require large multinational enterprises (MNEs) to publicly report basic financial information on a country-by-country basis.
