Multinational Companies: Tax Avoidance

Treasury written question – answered on 19th May 2021.

Alert me about debates like this

Photo of Andrew Rosindell Andrew Rosindell Conservative, Romford

To ask the Chancellor of the Exchequer, with reference to the Answer of 20 April 2021 to Question 178895, if he will make it his policy to publish a detailed impact assessment of the potential effect of proposals under Pillar 2 of the Organisation for Economic Co-operation and Development's Base Erosion and Profit Shifting (BEPS) framework once international negotiations have concluded but prior to the UK ratifying or acceding to any agreement.

Photo of Andrew Rosindell Andrew Rosindell Conservative, Romford

To ask the Chancellor of the Exchequer, if he will make it his policy to require Parliamentary approval prior to the UK ratifying or acceding to any agreement under Pillar 2 of the Organisation for Economic Co-operation and Development's Base Erosion and Profit Shifting (BEPS) framework.

Photo of Andrew Rosindell Andrew Rosindell Conservative, Romford

To ask the Chancellor of the Exchequer, with reference to the Answer of 20 April 2021 to Question 178895, whether his Department has conducted internally a detailed impact assessment of the potential effects of implementing Pillar 2 of the Organisation for Economic Co-Operation and Development’s Base Erosion and Profit Shifting (BEPS) framework.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

It is a UK priority to reach a comprehensive two-pillar solution addressing the tax challenges of digitalisation.

The details of a final agreement, including on the exact framework for implementation, are still subject to international negotiation.

If a political agreement is reached and both pillars are implemented in the UK, they would be subject to standard tax policymaking process.

As per that process, significant tax measures are legislated for in parliament, with their impacts formally assessed through the OBR forecast process.

This will include legislation in the relevant Finance Bill, with impacts set out in a Tax Information and Impact Note upon the introduction of the legislation.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.