The FACT Coalition and Oxfam America host a panel of experts for a discussion on the growing U.S. and international demand for corporate tax transparency.
While the COVID-19 pandemic wreaks havoc on our economy and public finances, deterring offshore corporate tax dodging is more important than ever. At the same time, the pandemic is spurring policymakers around the world to call for tax changes, increasing the risks to investors and creditors associated with the current dearth of available tax information. Further, the market values for the largest corporations in the United States have soared since March, while one in six small businesses — those that can’t make use of offshore tax havens — have closed their doors.
A simple transparency measure has the potential to address these issues. Our panel of experts will discuss how conforming U.S. multinational disclosure requirements to meet emerging international standards will help counter multinational tax avoidance, mitigate risks to U.S. investors, and increase the competitiveness of U.S. small businesses. They will discuss the Disclosure of Tax Havens and Offshoring Act (H.R.5933, S.1609) that would require companies that report to the Securities and Exchange Commission to publicly release high-level financial data — information they already report privately to government authorities — on a country-by-country basis.
This is the first of a two-part series on international tax matters. On October 21, we will discuss solutions to close loopholes that allow multinational corporations to avoid taxes.
Watch here: https://youtu.be/2MJfbl__8AU.