UK ministers reject MPs’ call to action on transparency

Public country-by-country reporting of profits and taxes must be implemented multilaterally if it is to be effective, the UK government said after a parliamentary committee urged it to exercise a new statutory power. Ministers also declined to lobby the UK’s overseas territories and crown dependencies to create public beneficial ownership registers, prompting campaigners to suggest that they were “losing their nerve” in the push for transparency.

The government maintained that the OECD remains the best forum available for agreeing international tax policy, and suggested that a UN structure would be less effective. Read more:

My news story for Tax Analysts, January 20 (paywall)

Government response to international development committee’s report