Imran Hussain – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Imran Hussain on 2016-04-12.

To ask Mr Chancellor of the Exchequer, what steps he is taking to allow the exchange of tax information of UK-listed companies with developing countries.

Mr David Gauke

The UK supports efforts to improve tax transparency. We initiated international work on country-by-country (CbC) reporting during our G8 Presidency in 2013, calling on the OECD to develop a framework for CbC reporting to tax authorities as part of the Base Erosion and Profit Shifting (BEPS) project. This important initiative will enhance transparency between business and tax authorities, including those of developing countries.

The UK has published regulations on 26 February 2016 implementing the OECD CbC reporting framework.

We have also signed the Multilateral Competent Authority Agreement which allows from the automatic exchange of the OECD CbC reports between relevant tax authorities. All countries are free to enter into international agreements so that they can exchange reports under the Multilateral Convention, bilateral double tax conventions or tax information exchange agreements.