This is what the Task Force on Financial Integrity and Economic Development has to say on country by country reporting: Action Item: Country by Country Reporting. Require that all multi-national corporations report sales, profits, and taxes paid in all jurisdictions in their audited annual reports and tax returns. Background: Tax avoidance is a global problem.
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The FT has reported that: France and Germany on Tuesday proposed a fresh crackdown on tax havens and offshore financial centres, insisting that banks that use them be forced to put aside higher capital to offset the risk to the financial system. Christine Lagarde, French finance minister, and Peer Steinbr?ºck, her German counterpart, said that
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The ‘High-level Group on Financial Supervision in the EU’ has published its Report that makes 18 detailed recommendations to strengthen supervision of the EU’s financial institutions and markets. The report addresses: how to organise the supervision of financial institutions and markets in the EU how to strengthen European cooperation on financial stability oversight, early warning,
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I have the following article on the Guardian’s Comment is Free site today: As the Guardian’s tax gap series has progressed, it has become increasingly clear that one of the problems faced by anyone trying to analyse tax payments by major corporations is the absence of any realistic data about the tax that they pay,
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I was discussing the International Accounting Standards Board and International Financial Reporting Standards projects with an accountant of high repute this morning. Our discussion was framed within the context of the current economic crisis. We agreed that the IASB project had the supposed goal of facilitating globalisation and of reducing the cost of capital. We
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This is Goldman Sachs unaudited result for the year to 30 November 2008 published 16 December: There’s a line to note: provisions for taxes. $6,005 million in 2007, $14 million in 2008. The 2007 result shows that most of that $6,005m was current tax. Sure, profit went down by 86% but taxes fell by ,ore
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Transparency International has issued a policy note, in the context of the latest Doha conference on financing for development, backing action against tax havens and supporting the notion of country-by-country reporting. It said Developed countries must break with business as usual and clamp down on illicit activity enabled by off-shore financial centres and tax havens.
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The FT has reported: Some of the largest companies in the US, including General Electric, Wal-Mart and PepsiCo, were expected on Monday to launch a drive to improve ethical standards in business in an attempt to stem the decline in corporate America’s public standing. The move by 17 companies, with nearly $1,000bn in sales, to
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Time was when submissions to the International Accounting Standards Board on an exposure draft would come form accounting institues and large companies. Not any longer. The closing date for submissions on the key first two chapters of the new conceptual framework for accounting was on 29 September. There were 112 submissions. Of course the usual
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