{"id":73389,"date":"2023-12-11T07:56:13","date_gmt":"2023-12-11T07:56:13","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=73389"},"modified":"2023-12-11T07:56:13","modified_gmt":"2023-12-11T07:56:13","slug":"hmrc-now-know-how-much-international-tax-theyre-not-being-paid","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/12\/11\/hmrc-now-know-how-much-international-tax-theyre-not-being-paid\/","title":{"rendered":"HMRC now know how much international tax they’re not being paid"},"content":{"rendered":"

The Guardian reports this morning<\/a> that:<\/p>\n

\n

US multinationals underpaid \u00a35.6bn in tax in the UK last year, HM Revenue & Customs believes, according to a national accountancy firm.<\/p>\n

The suspected deficit is 14% higher than the figure from the previous year, and would mean US companies now make up nearly half of underpaid tax into British coffers from foreign companies.<\/p>\n

A total of \u00a311.5bn in missing tax is suspected by HMRC<\/a> for 2022-23 from foreign companies \u2013 7% higher than the total in 20201-22, according to the accountants UHY Hacker Young.<\/p>\n<\/blockquote>\n

What is interesting is that they know what they have not got. That is because providing an absence is always hard.<\/p>\n

Except that is not true in this case anymore because data from country-by-country reporting by multinational corporations lets HMRC estimate just what is missing.<\/p>\n

And why have HMRC got country-by-country reporting? Because someone thought it up<\/a> and worked for more than a decade to make it part of the international tax regime since writing the first version in 2003.<\/p>\n

There are moments when I like to think I have done something that makes a difference.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Guardian reports this morning that: US multinationals underpaid \u00a35.6bn in tax in the UK last year, HM Revenue & Customs believes, according to a
 Read the full article…<\/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":[67,26,79,35,10,32,97],"tags":[],"class_list":["post-73389","post","type-post","status-publish","format-standard","hentry","category-accountancy","category-accounting","category-country-by-country","category-economics","category-tax-avoidance","category-tax-havens","category-tax-justice"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/73389","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=73389"}],"version-history":[{"count":2,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/73389\/revisions"}],"predecessor-version":[{"id":73391,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/73389\/revisions\/73391"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=73389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=73389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=73389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}