Patrick Grady – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Patrick Grady on 2016-01-27.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the merits of making public the rules for country-by-country reporting of tax and profits by multinational companies.

Mr David Gauke

The UK supports efforts to improve tax transparency. The UK initiated the international work on country-by-country reporting during its G8 Presidency in 2013, calling on the OECD to develop a template for country-by-country (CbC) reporting as part of the BEPS project.

The UK was the first out of 44 to commit to implement the OECD model for CbC reporting with legislation in Finance Act 2015.

We understand that the Commission is also undertaking an analysis of the various tax transparency requirements for multinationals as part of its public consultation, and we look forward to the outcomes of this work.

The Government recognises the case for publishing country-by-country reports on a multilateral basis.