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Written question asked by Imran Hussain (Labour) on Tuesday, 12 April 2016, in the House of Commons. It was due for an answer on Thursday, 14 April 2016. It was answered by David Gauke (Conservative) on Wednesday, 20 April 2016 on behalf of the Treasury.

Overseas Companies: Annual Reports

Question

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.

Answer

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

Secondary information

Type
Written question
Reference
33573
Session
2015-16
Subjects
Annual reports Profits Overseas companies
Link
View this Written question on www.parliament.uk