Multinationals to be forced to reveal tax bills

June 15th, 2009

Britain is backing moves for country-by-country reporting to stem tax avoidance

The Guardian

The UK is backing calls to force multi­national companies to reveal precisely how much tax they pay in each jurisdiction they operate in. The move is being hailed as a significant breakthrough towards ending tax secrecy.

Stephen Timms, the financial secretary to the Treasury, will tell G20 ministers gathering for a meeting in Berlin next week that country-by-country reporting should be introduced. At present, companies do not need to reveal what tax or profits they make in many countries.

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