UK government ‘disappointed’ at lack of progress on public country-by-country reporting

The UK government is disappointed at a lack of progress toward international agreement on public country-by-country reporting of profits and taxes, Prime Minister Theresa May told MPs.

Labour MP Caroline Flint asked during a July 10 House of Commons debate on the G-20 summit what progress the government had made on public CbC reporting. She noted that in June 2016 David Gauke, then financial secretary to the Treasury, told MPs that “if we have not made progress by this time next year on reaching a multilateral agreement, we will need to look carefully at the issue once again.”

“We regularly raise that issue, and we are disappointed at the lack of progress on it,” May replied.

Flint’s intervention followed an annual meeting of the all-party parliamentary group on responsible tax, where Labour MP Margaret Hodge was re-elected as chair. “We are well-resourced this time,” Hodge said of the cross-party group, which was formed in 2015. Read more:

My news story for Tax Analysts, July 12 (paywall)