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 assessment he has made of the potential merits of making country-by-country reporting of UK-listed company profits publicly available.

Mr David Gauke

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 the first to commit to implementing the OECD model with legislation in Finance Act 2015. 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 has now proposed amendments to the Accounting Directive for public CbC reporting, and we believe these proposals are a step in the right direction towards new international rules for greater public transparency