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Multinational Companies: Disclosure of Information

Question for Treasury

UIN 97552, tabled on 28 November 2022

To ask the Chancellor of the Exchequer, whether he will make it his policy to introduce public country-by-country reporting by multinational corporations on (a) taxation and (b) where multinational corporations are trading and making profits.

Answered on

1 December 2022

The Government has taken significant steps, domestically and internationally, to ensure companies pay the right amount of tax on their UK activities and prevent profits attributable to UK activities being shifted overseas.

This includes introducing the Diverted Profits Tax (2015), the Corporate Interest Restriction Rules (2017), and recent confirmation that the UK will introduce the new Pillar 2 global minimum tax from 31 December 2023.

The Government continues to engage internationally to improve tax transparency at a global level, and supports the development of a public Country-by-Country reporting model that works on a global multilateral basis. Global multilateral implementation is necessary to ensure that the initiative results in a comprehensive set of information on both UK headquartered and foreign headquartered multinationals and that the requirements cannot be avoided through group restructuring and do not make the UK less attractive as a location for groups to headquarter.

Answered by

Treasury
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