April 4th, 2011
PROPUBLICA/FORTUNE – GE is in a class by itself when it comes to paring its tax rate well below the top U.S. corporate rate of 35 percent – sometimes into the single digits – using an array of strategies that include hiring top tax experts from the IRS and Treasury.
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March 18th, 2011
Caroline Lucas MP, leader of the UK Green Party, yesterday tabled a Bill in the House of Commons that would require
country-by-country reporting by all UK companies for all their activities.
Clause 3 of her
Tax and Financial Transparency Bill 2011 says:
Financial transparency: companies and trusts
(1)Every company, including a parent company, incorporated in or operating in the United Kingdom must publish in its annual financial statements prepared in accordance with the requirements of the Companies Act 2006 an analysis of the consolidated turnover and profit made by it in each jurisdiction in which it has a permanent establishment for taxation purposes as defined...
March 11th, 2011
The
European Council of Ministers held its 3074th Competitiveness (Internal Market, Industry, Research and Space) Council meeting in Brussels on 10 March 2011. As a result it:
Invited the Commission to come forward with initiatives, in consultation with Member States and relevant stakeholders, on the disclosure of financial information by companies working in the extractive industry, including the possible adoption of a country-by-country reporting requirement, International Financial Reporting Standards (IFRS) for the extractive industry, and the monitoring of third-country legislation;
It’s a shame the move is not as yet towards
full country-by-country reporting.
