Towards a transparent European tax framework: the UK perspective
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by Meg Hillier MP, Chair of the UK Public Accounts Committee; High-Level Meeting of the OECD Parliamentary Group on Tax, 2 May 2016
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Towards a transparent European tax framework: the UK perspective
- 1. Towards a transparent European framework: the UK’s perspective Meg Hillier MP Chair of the UK Public Accounts Committee
- 2. Tax avoidance | The UK’s experience with multinationals • Complexity of existing laws give scope for exploiting loopholes • International tax rules not kept pace with global changes and online • Public mood on tax avoidance has changed • Increased demand for transparent handling of corporate tax settlements • Multinationals must be more transparent about where they make their profits and pay tax.
- 3. Public Accounts Committee inquiry: HMRC Accounts 2011-12 Two of the Committee’s recommendations addressed multinational tax collection. Nov 2012 May 2013 Whistleblowers submit evidence showing clear discrepancies with Google’s claims. Public Accounts Committee inquiry: Tax Avoidance - Google Committee made 4 recommendations to update tax laws and combat tax avoidance. Jan 2016 Google announces £130 million settlement Public Accounts Committee inquiry: Corporate tax settlements Committee made 5 recommendations to press for changes in international tax rules to prevent aggressive avoidance by multinational companies. PAC’s recent work | Combating multinational tax avoidance
- 4. PAC’s current work | Gaining support for a European wide framework • It is clear that multinationals use artificial tax structures to legally avoid paying taxes in the countries they operate in. • Finance Act 2015: public country-by-country reporting, OECD template. • March 2016: PAC backs a financial transparency bill calling for publication of the details that multinationals report to tax authorities in each tax jurisdiction: • amount of revenue • profit before income tax • income tax paid and accrued I am asking for your support for a Europe-wide parliamentary commitment to country-by-country transparent reporting within the framework we have proposed. • their total employment • capital and retained earnings • tangible assets We need to get our citizens and parliaments to actively work together to press governments to listen.