{"id":37033,"date":"2017-04-26T07:23:43","date_gmt":"2017-04-26T06:23:43","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=37033"},"modified":"2017-04-26T07:23:43","modified_gmt":"2017-04-26T06:23:43","slug":"country-by-country-reporting-in-the-eu-parliament-today","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2017\/04\/26\/country-by-country-reporting-in-the-eu-parliament-today\/","title":{"rendered":"Country-by-country reporting in the EU Parliament today"},"content":{"rendered":"<p>I am taking part<a href=\"http:\/\/guengl-panamapapers.eu\/event\/guengl-conference-the-panama-papers-one-year-on-fighting-money-laundering-and-tax-dumping\/\" target=\"_blank\" rel=\"noopener noreferrer\"> in a conference in the EU parliament<\/a> marking the anniversary of the Panama Papers today. I am talking about the role of country-by-country reporting in tackling illicit financial flows. These are my slides:<\/p>\n<p><strong>Tackling illicit flows: Country-by-country reporting<\/strong><\/p>\n<ul>\n<li>Richard Murphy<\/li>\n<li>Professor of Practice in International Political Economy: City, University of London<\/li>\n<\/ul>\n<p><strong>What CBCR is<\/strong><\/p>\n<ul>\n<li>CBCR is accounting data: it is not tax data<\/li>\n<li>CBCR shows what a multinational corporation does in each country in which it operates<\/li>\n<li>It does this by publishing:\n<ul>\n<li>An abbreviated income statement including sales, profit and tax information<\/li>\n<li>Some employment data<\/li>\n<li>Limited cash flow data<\/li>\n<li>Some balance sheet information<\/li>\n<li>And some narrative explanation (hopefully)<\/li>\n<\/ul>\n<\/li>\n<li>This permits a tax risk assessment<\/li>\n<li>But more importantly it is about holding global corporations to account locally<\/li>\n<\/ul>\n<p><strong>What CBCR does<\/strong><\/p>\n<p>CBCR changes:<\/p>\n<ul>\n<li>The way we look at multinational corporations:\n<ul>\n<li>They are not monolithic entities but a patchwork of local enterprises that are integrated into something bigger than the parts<\/li>\n<\/ul>\n<\/li>\n<li>The way that multinational corporations account:\n<ul>\n<li>Their responsibility is no longer just to shareholders but to all their local stakeholders as well<\/li>\n<\/ul>\n<\/li>\n<li>Our understanding of tax:\n<ul>\n<li>Taxes are not a lump sum paid by one multinational company but are the sum of all the individual payments made in a great many places, and we have to understand them all<\/li>\n<\/ul>\n<\/li>\n<li>Corporate behaviour:\n<ul>\n<li>What we measure counts. If multinational corporations have to account locally it will change their behaviour in those places<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Why CBCR will work<\/strong><\/p>\n<p>CBCR will work because:<\/p>\n<ul>\n<li>It exposes who uses tax havens:\n<ul>\n<li>And no one enjoys that now<\/li>\n<\/ul>\n<\/li>\n<li>If MNCs know that their tax abuse can be exposed by CBCR they will change their behaviour:\n<ul>\n<li>No one wants to be shown to be cheating<\/li>\n<\/ul>\n<\/li>\n<li>It is easy to use:\n<ul>\n<li>And the work I am doing at City, University of London (and with others) intends to make that easier still<\/li>\n<\/ul>\n<\/li>\n<li>MNCs will know they can be held to account locally:\n<ul>\n<li>They will improve their local performance to meet stakeholder expectations as a result<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>I am taking part in a conference in the EU parliament marking the anniversary of the Panama Papers today. I am talking about the role<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2017\/04\/26\/country-by-country-reporting-in-the-eu-parliament-today\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,171,64,79,35,10,32],"tags":[],"class_list":["post-37033","post","type-post","status-publish","format-standard","hentry","category-accounting","category-coffers","category-corporation-tax","category-country-by-country","category-economics","category-tax-avoidance","category-tax-havens"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/37033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=37033"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/37033\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=37033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=37033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=37033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}