Finance Bill — New Clause 12 — International Tax Transparency for Multi-National Companies — 1 Jul 2013 at 22:15

The majority of MPs voted against requiring a review of the potential for new internationally co-ordinated laws requiring greater transparency on how much tax multi-national companies pay to the UK and other countries.

The text of the rejected proposed new clause which would have been added to the Finance Bill had the vote not been lost was:

• (1) Her Majesty’s Revenue and Customs shall review the possibility of bringing forward measures as part of the GAAR to work in conjunction with other G8 countries to require multi-national companies to publish a single easily comparable statement of the amount of corporation tax they pay in the UK.
• (2) The Chancellor of the Exchequer shall review the effect of incorporating a global standard for public registration of ownership of companies and trusts via a convention on tax transparency, including a requirement on companies to publish a single easily comparable statement of the amount of corporation tax they pay in the UK, on Treasury tax receipts.
• (3) The Chancellor of the Exchequer shall consider, when counteracting tax advantages arising from tax arrangements that are abusive, what steps HM Government could take, working alongside developing country governments, to assess how UK companies could report their use of tax schemes that have an impact on developing countries, and how the UK could assist in the recovery of that tax.
• (4) Within six months of the passage of Royal Assent, the Chancellor of the Exchequer shall place copies of the review in the House of Commons Library, and consult with G8 countries on their effectiveness.

Debate in Parliament | Source |