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.
In response to a question from Senator Van Hollen in a Senate oversight hearing, Chair Gensler says the SEC is considering disclosures to give investors better insights into where corporations book profits and pay taxes.
The FACT Coalition welcomed international and administrative tax reforms in the President’s proposed 2023 Budget that would continue the Administration’s efforts to discourage tax dodging by multinational corporations, and once again make the U.S. a leader in global tax transparency.
The FACT Coalition sent a letter to the U.S. Securities and Exchange Commission voicing concerns that the proposed SEC rule does not currently align itself with the emerging global standards around transparency of tax and payments to governments.
$129 billion to $205 billion: Amount that U.S. taxpayers lose in federal revenue to offshore tax haven abuse each year.
$94 billion to $135 billion: Lost U.S. revenue from offshore profit shifting by multinational corporations annually.[i]
$35 billion to $70 billion: Lost U.S. revenue to tax evasion by wealthy individuals annually.[ii], [iii]
