Transparency has been at the forefront of public debate since the beginning of the global crisis in October 2008. One of the indirect outcomes of the crisis has probably been the rise of the G20 as the forum where global governance was discussed, with a strong stance towards transparency in the first summits that dealt with the crisis.
General assessment of G20 performance in transparency-related matters is probably mixed. Whereas strong language is extremely welcome against corruption, enhanced regulation and increased disclosure lag behind with respect to financial markets or disbursement of public funds, not to mention domestic implementation in each of the 19 G20 countries, which is extremely uneven and difficult to monitor by civil society. The attached letter takes stock of progress made but still urges the G20 to take swift and comprehensive action in order to avoid repetition of crises and bring about a more transparent global economy.
A report prepared by the staff the of the Joint Committee on Taxation for a public hearing held on 22 July 2010 before the House Committee on Ways and Means includes six case studies of companies that reported effective tax rates at least 10 percentage points lower than the U.S. statutory rate for a period of years, along with large gaps between the countries in which they reported sales and the countries in which they reported earnings.
A new Business Against Tax Havens report, ‘Unfair Advantage: The Business Case Against Overseas Tax Havens,’ looks at the unfair advantages that large companies have as a result of tax evasion and the amount of revenue lost in tax havens. The report puts forth nine policy recommendations, which include banning offshore corporations and repealing the 80/20 rule.
On July 9, Raymond Baker and Tom Cardamone of Global Financial Integrity, leading coordinator of the Task Force on Financial Integrity and Economic Development sent a letter to the International Accounting Standards Board (IASB) to make comment on the IASB Dicussion Paper’s promotion of country-by-country reporting.
Download the PDF to the left or see the full text below.
The conclusions approved by the Council of the European Union for the Foreign Affairs Council meeting on June 14, 2010.
The declaration released following the conclusion of the G20 Summit meeting on June 26-27, 2010 in Toronto, Canada.
The United Nations Office on Drugs and Crime (UNODC) launched a report called The Globalization of Crime: A Transnational Organized Crime Threat Assessment on June 17.
On June 11, the Task Force on Financial Integrity and Economic Development Coordinating Committee members and other signatories sent a letter to the Financial Action Task Force (FATF) urging them to consider various points at its upcoming plenary meeting.
The final communiqué released following the conclusion of the G20 Finance Ministers and Central Bank Governors’ meeting on June 5, 2010 in Busan, Republic of South Korea.
OECD – Paris 28 May 2010
Conclusions of the OECD Meeting of the Council at Ministerial Level, 27-28 May 2010
On the occasion of the 2010 OECD Ministerial Council Meeting (MCM), we, Ministers*, have assembled under the Chairmanship of the Italian Prime Minister Silvio Berlusconi and the Vice-Chairmanship of Australia and Norway. We welcome the accession of [...]
When in Norway earlier this week I was asked what the benefits of country-by-country reporting are.
It was a good question. It deserved a full answer.
As a result a new briefing sheet on his issue has been published today. It’s available here. Comments are welcome.
The benefits are summarised in this table:
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Data to be disclosed under country-by-country reporting |
Information need met |
There’s another new briefing sheet out, published today, on financial transparency. It’s available for download here and says:
Introduction
Transparency is at the core of the demand for tax justice. But what is it? What do campaigners mean when they say they want increased transparency? This paper seeks to provide a concise answer to that question, but each dimension of transparency, noted below, will be the subject of an additional briefing sheet to provide greater detail on just what it might mean in practice.
The 11 steps to financial transparency
Tax justice cannot happen by chance. To achieve it information is needed. That means all potentially taxable people, whether they are human beings or legal entities created under law, must be transparent about what they do, are and have done.
Johannesburg – The Africa Progress Report launched today by the Africa Progress Panel (APP) states that African leaders need to boost “political determination and capacity to use what revenues they have to achieve results for people”.
The Administration strongly supports House passage of the House Amendment to the Senate Amendment to H.R. 4213. Passage of this legislation will provide much-needed relief to families, including extended access to health care benefits for workers who have lost their jobs and extended unemployment insurance benefits for millions of Americans who are looking for work. It will also provide critical assistance to hard-pressed States while encouraging continued job creation by America’s businesses. The importance of longer-term extensions for various authorities and programs – and the certainty that such extensions bring – has been highlighted by the severe problems caused by interruptions in authorities for these programs.
WASHINGTON, D.C.—A May 2010 report from Global Financial Integrity (GFI) examines where trillions of dollars in illicit finances—the proceeds of crime, corruption, and tax evasion—are being deposited.
The Task Force on Financial Integrity & Economic Development
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Email: info@financialtaskforce.org
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