Fairer tax campaign accepted by government
Berwick MP Anne-Marie Trevelyan has expressed her delight that the cross-party amendment she put her name to, tabled by her Labour colleague Caroline Flint MP, was accepted by the Government.
Mrs Trevelyan has been supporting Mrs Flint’s amendment – born out of the work of the Public Accounts Committee on which they both sit – since its inception some months ago.
It is part of the cross-party campaign for country-by-country tax reporting by multinationals, and chimes with the committee’s drive towards greater transparency.
Anne-Marie said: “I hope that is the first step on the journey to clear, transparent and fair tax reporting. It is a real common sense issue, and I am delighted the Government has accepted the amendment.
“We want successful companies to base themselves in the UK, but large multinationals have been able to shift their profits around in order to avoid tax, which is not fair to the UK taxpayer or smaller businesses.”
On Monday night the Government formally accepted the cross-party amendment on public country-by-country reporting, which then passed unanimously into the Finance Bill.
The amendment gives the Treasury the power to introduce public country-by-country reporting. This means that they can require multinational businesses, headquartered or with sizeable business in the UK, to publish headline information about the size and location of the profits they make and the taxes they pay.
The amendment was eventually signed by 66 MPs from across the political spectrum who put their names to Amendment 145
The amendment also received a great deal of support from NGOs including Christian Aid, ActionAid, Oxfam, Save the Children, CAFOD and the ONE Campaign.