- js reader version
- view hidden posts
- tags and related articles
by Greg Williams
Monday, Sep. 12, 2016 at 12:59 PM
According to a new report, secretive offshore tax avoidance practices are on the rise among multinational businesses.
According to a new report, secretive offshore tax avoidance practices are on the rise among multinational businesses. The report, released from the Financial Accountability and Corporate Transparency Coalition (FACT), finds that these practices put investors at risk because they are caught off guard when governments act to collect the lost tax revenue. The report recommends that the Securities and Exchange Commission (SEC) collect greater information from corporations on what taxes are being paid and which governments are receiving payments.
"This type of corporate tax avoidance is a theft from poor communities across the United States and around the world," noted Eric LeCompte, the executive director of the religious development coalition Jubilee USA and a member of FACT's executive committee. LeCompte served on a UN expert group that investigated this behavior. "This report demonstrates that hiding money offshore even harms the very people who invest in these companies."
The report references three prominent companies that may have used tax avoidance practices in recent years and now face action from tax authorities. The report urges the SEC to collect "country-by-country reporting" information which requires multinational corporations to annually disclose what payments they make to governments where they operate. Companies are already required to file these reports with the IRS but filing them with the SEC would give shareholders access to the information.
According to a 2016 report from the development organization Oxfam America, corporate tax avoidance drains approximately $111 billion a year from the United States, and an estimated $100 billion from some of the world's poorest countries.
"Financial transparency is essential to protect the most vulnerable," stated LeCompte. "The SEC should adopt country-by-country reporting as soon as possible."
Jubilee USA Network is an alliance of more than 75 US organizations and 550 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org
Report this post as:
Change Links September 2018 posted
More Scandals Rock Southern California Nuke Plant San Onofre
Site Outage Friday
Change Links August 2018
Setback for Developer of SC Farm Land
More problems at Shutdown San Onofre Nuke
Change Links 2018 July posted
More Pix: "Families Belong Together," Pasadena
"Families Belong Together" March, Pasadena
Short Report on the Families Belong Together Protest in Los Angeles
Summer 2018 National Immigrant Solidarity Network News Alert!
Watch the Debate: Excluded Candidates for Governor of California
Change Links June 2018 posted
The Montrose Peace Vigil at 12 Years
Unity Archive Project
Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi
CA Senate Bill 1303 would require an independent coroner rather than being part of police
Three years after OC snitch scandal, no charges filed against sheriffs deputies
California police agencies violate Brown Act (open meetings)
Insane Company Wants To Send Nuke Plant Waste To New Mexico
Change Links May 2018
Worker-Owned Car Wash on Vermont Closed
GUIDE TO REBEL CITY LOS ANGELES AVAILABLE
lausd whistle blower
More Local News...
100 Ways GOP Have Stolen Elections Since 1876
Proximospective de l'univocité réifiée
Trump & Palestine vs. Genesis, Rashi & The Land of Israel
The Criminality of the Elites
Business de l'inhumanitaire
Marriage Rape/Date Rape Highest Rapes
Women I Know Get Raped - Too Many Times To Count!
Women In USA Have Stockholm Syndrom
Shooting Drill's Are Political Actual Shootings
Dr. Ford's Father Works With CIA
Google Abuses: Worldwide Spying, Censorship, War Promotion, Spying On Children, Etc
Paraphysique de l'administration
Affordable Rents? A State of Emergency Intensifies
A Few Of Many Impeachable Acts by Trump Sessions And Others
Désengrammation, l'éloge de la suite
someone Should Work In Hollywood - Good Acting!
Ford Gives Psych Drugs To Lower Class To Shut Them Up?
Hilllary Calls Ford Trailer Trash?
Most Rapes Are In Marriages
Nice Boys Dirty Deeds
Minnesota 2nd Largest Rape State
Paraphysique de la plus-value
More Breaking News...