While Australia’s revised public country-by-country reporting draft legislation walks back the original measure’s ambitious scope, it still represents a meaningful step forward for multinational tax transparency.
In January, FACT, TI-US, and GFI held a press briefing detailing the Coalition’s main policy areas to watch in 2024, including imminent actions by Treasury addressing money laundering risks through U.S. real estate and private investment markets, as well as new work at the intersection of environmental and financial crime.
FACT Executive Director Ian Gary reflects on the policy victories, new Coalition members, media hits, and emerging issues that defined FACT’s 2023, and turns an eye to the year ahead.
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.
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.
FASB’s revised income tax reporting standards represent a “dramatic improvement” over existing disclosure, and Treasury looks to delay beneficial ownership reporting for newly formed entities.