June 22nd, 2009
Our friends at the
Tax Justice Network blog have pointed out some great news about France in
Tax-News.com today. The French government is apparently unveiling a new regulation which would require all French banks to disclose all information about their connections to tax havens.
From the
article:
Following a vote last week on the law pertaining to the merger of the Caisse d’Epargne and the Banque Populaire, creating the country’s second largest bank, credit institutions in France are now legally obliged to publish information in their annual accounts regarding their activities in...
June 18th, 2009
The Task Force on Financial Integrity and Economic Development has just released a new
report detailing a new system of accounting for multinational corporations (MNCs) which is designed to shine some light on the current reporting system.
From the
press release:
Termed “country-by-country reporting” the new protocol would require MNCs to disclose the full details of their commercial transactions by jurisdiction, instead of the current system which requires reporting along product of division lines. As much as 60 percent of global trade currently takes place within MNCs, which are not required to disclose many...
June 16th, 2009
The U.S. Senate Committee on Homeland Security and Governmental Affairs will hold a hearing on the Incorporation Transparency and Law Enforcement Assistance Act this Thursday at 2:30pm. Passage of the act would provide valuable tools to law enforcement officers to combat money laundering, tax fraud, and terrorist financing. However, perhaps the most significant aspect of
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June 15th, 2009
Some huge news out of the UK today as the UK Treasury has announced that it will push for the adoption of country-by-country reporting at the upcoming meeting of Finance Ministers in Berlin. From the
Guardian:
The UK is backing calls to force multinational companies to reveal precisely how much tax they pay in each jurisdiction they operate in. The move is being hailed as a significant breakthrough towards ending tax secrecy.
Stephen Timms, the financial secretary to the Treasury, will tell G20 ministers gathering for a meeting in Berlin next...
