{"id":17050,"date":"2012-08-23T07:05:04","date_gmt":"2012-08-23T06:05:04","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=17050"},"modified":"2012-08-23T07:05:26","modified_gmt":"2012-08-23T06:05:26","slug":"the-house-of-commons-international-development-committee-say-its-time-for-country-by-country-reporting","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/08\/23\/the-house-of-commons-international-development-committee-say-its-time-for-country-by-country-reporting\/","title":{"rendered":"The House of Commons International Development Committee say its time for country-by-country reporting"},"content":{"rendered":"

The House of Commons International Development Committee has published a report today <\/a>on tax in developing countries.<\/p>\n

Amongst the issues they reported on was\u00a0country-by-country reporting.\u00a0Having heard evidence from those who oppose\u00a0country-by-country reporting as well as those who support it they concluded:<\/p>\n

Irrespective of whether EU-level agreement is\u00a0reached, the Government should enact legislation requiring each UK-based\u00a0multinational corporation to report its financial information on a country-by-country\u00a0basis. Such information should include the names of all companies belonging to it and\u00a0trading in each country, its financial performance in each country, its tax liability in\u00a0each country, the cost and net book value of its fixed assets in each country, and details\u00a0of its gross and net assets in each country. Additionally, the UK should continue to\u00a0support the progress of similar legislation at EU level.<\/p><\/blockquote>\n

It's almost ten years now since I first created\u00a0country-by-country reporting. It's been a consistent theme of the\u00a0Tax Justice Network's work and is now supported by many development agencies. Christian Aid, Action Aid and\u00a0Eurodad all supported it to this committee, as did John Christensen of TJN in his aural evidence to the committee. And in spite of the evidence presented to the\u00a0contrary the committee, dominated by\u00a0government members, supported it\u00a0knowing that it means multinational corporations should\u00a0(to quote the report)\u00a0\"be required to present the following items of\u00a0information for each country in which they operate:<\/p>\n

- the names of all the companies they own in each country;
\n- their financial performance in each country;
\n- their tax liability in each country;
\n- details of the cost price and carrying value of physical fixed assets in each country, and
\n- details of gross and net assets for each country<\/p>\n

It's slightly more complex than that<\/a>, but that's a good summary.<\/p>\n

It's a day for quiet pleasure at another step forward, and a day to refresh determination to make sure that this one is delivered for all the benefits it can provide.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The House of Commons International Development Committee has published a report today on tax in developing countries. Amongst the issues they reported on was\u00a0country-by-country reporting.\u00a0Having
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