Country-by-country tax reporting gains favour

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.

Further Reading:

HMRC
tightens tax rules for non-residents

Tax
haven finance chief slams ‘impotent’ OECD

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