Summary:15 out of 18 elements have already been implemented in the extended country-by-country reporting. However, 3 critical elements are still missing for the legislation to work as intended and prevent companies from avoiding tax.
Summary:• Natural resources have the largest value creation potential to mobilize tax revenue, but profit often ends up elsewhere.• Today, the Extractive Industries can transfer significant profits out of the source country before it get taxed.• One simple policy proposal, aligned with US and EU regulation, will give investors and constituents the instrument to follow their money.• The proposal links taxpayments to the audited financial statements through 8 simple accounting numbers.
Mariel Christina Aguilar Støen talked about elithes in Latin America. Photo: Ingvild Onstad Helle
Transparent extractive industries which invest in social programs, are characterized by dealing with less social conflicts and thus tend to become more competitive.
On the occasion of The International Anti-Corruption Day we are hosting a breakfast seminar at Litteraturhuset in Oslo on the 9th of December together with UNDP Norway.
Andres Hernandez is a participant of TRACE 2014/2015. Photo: Eline Helledal
In this video portrait you will get to know TRACE-participant Andres Hernandez from Colombia.
Lourdes Escalante is a participant of TRACE 2014/2015. Photo: Eline Helledal
In this video portrait you will get to know TRACE-participant Lourdes Escalante who works in Guatemala.
Juan José Herrera is a participant of TRACE 2014/2015. Photo: Eline Helledal
In this video portrait you will get to know TRACE-participant Juan Herrera from Ecuador.
Raul Velasquez and Pablo Rojas from Bolivia are putting up key actors in their country. Photo: Eline Helledal
The interest that some key stakeholders use to support mechanisms for transparency are not always proportional to their power. The experience from some Latin American countries can be crucial to understand the relation between interest and power.
We are not far from getting the law on expanded country-by-country reporting in place. Illustration: Roar Hagen
The Government only needs to close three loopholes to make the legislation to combat corruption and tax flight work.
Companies often reallocate income rather than paying the tax. The figure shows the weighted average of the three groups of countries, with the current taxable income as weights. Graphics: IMF
International companies have managed to push the income tax down to zero, and the countries loses up to 15 percent in tax revenue, according to a new report from the International Monetary Fund (IMF).