Cross-party amendment to Finance Bill seeks public country by country reporting

A cross-party group of members of Parliament has called on the U.K. government to back an amendment to the 2016 Finance Bill to require multinationals to publish country-by-country reports of their profits and taxes.

Caroline Flint, a Labour MP and member of the House of Commons Public Accounts Committee, secured support for the amendment from 11 colleagues on the 15-person committee as well as two former PAC chairs, Conservative MP David Davis and Labour MP Margaret Hodge. Six of the amendment’s 14 backers are Conservative MPs.

While Flint said that the tide of public opinion is moving toward openness, some tax experts have cast doubt on the value of public disclosure, arguing that it is the task of tax authorities to ensure that multinationals pay the right amount of tax.

Read more: My news story for Tax Notes (paywall) published by Tax Analysts.