I’ve just finished speaking in a Westminster Hall debate in Parliament on public country-by-country reporting.
Public country-by-country reporting is the publication of a defined set of facts and figures by large multi-national companies that provide the public with a clear picture of the taxes corporations pay. By having public country-by-country reporting, it makes it possible to gauge whether a multi-national company has paid appropriate levels of tax in the countries they have business in.
The recent revelations about Apple and Nike’s tax arrangements in the Paradise Papers outline once again the urgent need for the Government to act.
This measure is popular with the public, with polling showing 78% of people think that multinational companies headquartered in the UK should be required to publish information about the size of their profits, where they were made and what taxes they paid in each country where they operate.
A recent survey of FTSE100 companies also suggests that a large majority (83%) of these companies would not strongly oppose the introduction of a legal requirement for them to make their country-by-country reports public, while a number of them would actively support it.
An amendment to the last year’s Finance Bill by Caroline Flint MP means that the Government now have the power to require large companies to implement public country-by-country reporting. It’s time for the Government to get on and do it.
You can watch my speech here.