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Multinational Companies: Taxation

HM Treasury written question – answered on 15th March 2016.

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Photo of Roger Godsiff Roger Godsiff Labour, Birmingham, Hall Green

To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential costs and benefits of making available to the public country-by-country taxation reports submitted to HM Revenue and Customs (HMRC) by multinational companies; and whether HMRC plans to make those reports available to taxation authorities in other countries.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

The UK supports efforts to improve tax transparency. We initiated the international work on country-by-country (CbC) reporting to tax authorities during our G8 Presidency in 2013, calling on the OECD to develop a template for this as part of the BEPS project. The UK was also the first to commit to implementing the OECD model with legislation in Finance Act 2015. We signed the OECD agreement to share the CbC reports with other tax authorities in January 2016 and issued our final CbC reporting regulations on 26 February 2016.

HMRC is committed to sharing the information reported by MNEs with other relevant tax jurisdictions to assist in assessing international tax avoidance risks.

The Government believes that there is scope for greater transparency by pressing the case for public CbC reporting on a multilateral basis. As the Chancellor has said, this is something that the UK will seek to promote internationally.

The European Commission is preparing an impact assessment of public CbC reporting. We look forward to seeing the outcome of this analysis, which we expect to be published early next month, and will consider any proposal put forward by the Commission in due course.

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