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Affordable and Social Housing. Foreign Direct Investment in the United States. Theodore Moran. Global Tax Fairness. Thomas Pogge. The changes include a new, responsive design featuring extended-hours data and more news. Learn More. Home General Associated Press Get email alerts. By Associated Press. Comment icon. Text Resize Print icon. About 30 companies, mostly based from the U. S, but also from China and Europe, will be affected. MarketWatch Partner Center. As the name suggests, the longstanding proposal for country-by-country reporting would make multinational companies break down and publish their results for each country.
This is essential for citizens to know what companies and their affiliates are doing where they live, and what contributions they are making. An OECD standard has now been introduced which will require all multinationals of a certain scale to report this information privately to the tax authority in their headquarters country. In addition, there are public standards for limited CBCR data with respect to the extractive and financial sectors in the EU, creating multiple requirements for some multinational companies.
It is critical that this data is used effectively, and seen to be so used.
Taxing Multinationals: Is There a Pot of Gold of Finance for Development?
The next two to three years provide a window in which to establish a single format for reporting, to ensure lower compliance costs for businesses and to facilitate more effective use of the data by civil society, media and tax authorities alike. This will both confirm the value of CBCR and help policymakers to move towards a global consensus on requiring a comprehensive public CBCR under a single standard.
The paper — What Do They Pay? TJN has, since its establishment in , led the way in developing and promoting the idea of public CBCR for multinational companies. OKI, who partnered with TJN in establishing the Open Data for Tax Justice initiative, are pioneers in using open data to achieve tangible policy results and human progress. The white paper is divided into four main sections. Firstly, the authors present a set of user stories, questions, requirements, and scenarios of usage for a database.
Secondly, they look at what kinds of information a public database could and should contain. Thirdly, they look at the opportunities and challenges of building a public database drawing on various existing information sources. Fourthly and finally, the authors suggest next steps for policy, advocacy, and technical work towards a public database.