Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release

Contact

Clark Gascoigne
+1 202 810-1334
cgascoigne@thefactcoalition.org

Press Release

Diverse Stakeholders Flood OECD in Push for Public Corporate Tax Disclosures

Investors, Small Businesses, Lawmakers, and NGOs Push OECD to Require Public Country-by-Country Reporting of Key Tax Information for Multinational Corporations
WASHINGTON -

A diverse set of stakeholders has called on the Organizations for Economic Cooperation and Development to mandate public disclosures of key tax information for multinational corporations.  Originally agreed to in 2015, the OECD is reviewing its standard on country-by-country reporting of tax information. The deadline for filing public comments was Friday, March 6th.

The submissions included a letter from 13 U.S. senators and 20 U.S. representatives, a letter from 4 national U.S. small business trade associations, a letter from dozens of investors with $850 billion in assets under management, and a letter from three dozen non-governmental organizations, which was led by the Financial Accountability and Corporate Transparency (FACT) Coalition.  Each of these letters called on the OECD to:

  1. align its framework with the new Tax Standard from the Global Reporting Initiative,
  2. lower the revenue threshold from $850 million to cover more multinational corporations, and
  3. mandate public disclosure of the information.

Clark Gascoigne, interim executive director of the FACT Coalition, issued the following statement:

“We are pleased to see such widespread support for increased tax transparency, and we hope that the members of the OECD’s Inclusive Framework will listen to the emerging consensus around public disclosure.  The OECD took a step in the right direction in 2015 by agreeing to country-by-country reporting, albeit on a private basis.  It’s now time to fulfill this agreement’s true potential by aligning it with the consensus framework negotiated by the Global Reporting Initiative and mandating the information be made available to investors, academics, policymakers, and developing nations through public dissemination.  In codifying the emerging trend toward transparency, the OECD can help expose abusive tax-dodging schemes — better protecting taxpayers, informing policymakers, and safeguarding investors.”

###

The Financial Accountability and Corporate Transparency (FACT) Coalition is a non-partisan alliance of more than 100 state, national, and international organizations working toward a fair tax system that addresses the challenges of a global economy and promoting policies to combat the harmful impacts of corrupt financial practices.

'We Will Vote This Dirty Deal Down,' Tlaib Says of Manchin's Oil-Friendly Side Agreement

"We sure as hell don't owe Joe Manchin anything now," said the Michigan progressive.

Jake Johnson ·


Dr. Oz Derided Over Ad Attacking Fetterman's Support for 'Free Healthcare'

"What's radical," responded a top aide to Sen. Bernie Sanders, "is 338,000 Americans dying during the pandemic because they could not afford for-profit healthcare."

Jake Johnson ·


Despite Housing Crisis, Mississippi May Return Up to Millions in Federal Rent Aid to DC

"For them to suggest people like me aren't working? It's a slap in the face," said one woman affected by the end of the pandemic assistance program. "It's very insulting and degrading."

Brett Wilkins ·


80% of US Voters Across Party Lines Support Expanding Social Security

"With Republicans threatening to cut benefits—and worse, eliminate the program entirely—Dems need to make clear they're fighting to protect and expand benefits."

Jessica Corbett ·


Rich Nations Again Accused of Vaccine Hoarding as UK OKs Moderna Omicron Booster

"While countries like the U.K. buy updated vaccines for their fourth doses, people in low- and middle-income countries are fighting today's variants with yesterday's vaccines."

Brett Wilkins ·

Common Dreams Logo