Prof Paul Collier of Oxford University is advising David Cameron on the development aspects of the G8 summit in June. In the Canadian Globe and Mail this weekend he argued:
The OECD wants to help by creating a database of guideline prices that companies would be required to use or to justify deviations. The G8 could give this political impetus. G8 countries have a direct interest in curbing the relocation of intellectual property. There’s no ideal technical fix, but companies could be required to report the apportionment of their global profits. Transparency would discourage tax avoidance through fear of reputational damage.
Now if that penultimate sentence is not an endorsement of country-by-country reporting I don't know what is.
I hope Cameron is listening.