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16 Jun 2009
The UK has supported a push for global tax administrations to adopt country-by-country reporting in an effort to stem tax avoidance.
The measure would result in multinationals companies needing to reveal how much tax is paid in each subsidiary operated in, according to guardian.co.uk
Stephen Timms, the financial secretary to the treasury, is scheduled to promote the move to fellow G20 leaders at a meeting in Berlin next week.
'It has been a closed door until now,' he said.
David McNair, senior economic adviser at Christian Aid, said country-by-country reporting is a vehicle through which developing countries can better tax evasion.
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Companies doing the right thing
When will high tax governments understand that tax is one measure of a country's attractiveness to set up shop! If one country takes the sensible decision to reduce its tax in order to attract investment then well done too them. The problem with the UK is that they spend/waste way too much and can't compete with these countries on equal terms. Instead they try to make out that tax avoidance is bad and that the world should unite in charging companies high taxes!
Posted by: Paul, 16 Jun 2009 | 00:00