FTSE 100 company defends tax policy and backs multilateral push for public country-by-country reporting

A FTSE 100 company has strongly denied engaging in tax avoidance, and has offered cautious support for steps toward the multilateral introduction of mandatory public country-by-country reporting of multinationals’ profits and taxes. Responding to a report by Oxfam International, Reckitt Benckiser Group PLC (RB), a manufacturer of health, hygiene, and home products, said in a … Continue reading FTSE 100 company defends tax policy and backs multilateral push for public country-by-country reporting

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

UK lawmakers to debate public country-by-country reporting as tax expert urges caution

Members of the U.K. Parliament have been urged not to risk "confrontation" with U.S. lawmakers by breaking ranks on public country-by-country (CbC) reporting, as they prepare to debate for a second time a finance bill amendment that would pave the way for mandatory public CbC reporting by large multinationals. MPs defeated a similar amendment in … Continue reading UK lawmakers to debate public country-by-country reporting as tax expert urges caution

BEPS implementation is the hard part, tax experts tell MPs

Tax experts have told members of Parliament on the UK's Treasury Committee that implementation of the actions recommended in the OECD's base erosion and profit-shifting project faces some difficult challenges and will depend on maintaining an international consensus. Asked about calls for greater transparency regarding multinationals' tax, they argued that public country-by-country (CbC) reporting would … Continue reading BEPS implementation is the hard part, tax experts tell MPs

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

Tax is ‘fast becoming the most toxic issue’ for successful companies

Britain’s corporate tax system is “broken”, according to Patrick Hosking, financial editor of The Times (paywall). “Nothing reflects this better than a tiny heart-shaped squiggle that is starting to appear in the advertising of British blue chips.” The squiggle is the Fair Tax Mark logo, and SSE plc is the first FTSE 100 company to use … Continue reading Tax is ‘fast becoming the most toxic issue’ for successful companies

Luxleaks tax disclosures serve the public interest – prosecuting the source does not

More than 70 politicians and tax transparency campaigners have signed a letter to the Guardian deploring Luxembourg’s decision to bring criminal charges against a former PwC employee believed to have passed to the media confidential rulings awarded by Luxembourg tax authorities. As The Guardian noted last night, 20 news organisations around the world have published … Continue reading Luxleaks tax disclosures serve the public interest – prosecuting the source does not