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 May 30, FACT recommended that the Financial Accounting Standards Board expand its proposed revisions to tax disclosure requirements to include additional information on revenues, income, and effective tax rates on a disaggregated basis.
FACT Coalition member Oxfam America released new statistics detailing support by investors with over $10 trillion in assets under management for public country-by-country reporting of tax and operational data for large multinationals.
Top Treasury officials outline recent and upcoming anti-money laundering initiatives before Congress, and FACT submits comments advising swift passage and implementation of new Australian tax transparency draft legislation.
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
In comments submitted on April 28, FACT applauded the Australian government’s draft legislation to mandate public country-by-country reporting of tax data from large multinationals, and offered recommendations for effective implementation of the new tax transparency regime.
