TaxAdministrationMinister backs more transparency for overseas tax

Minister backs more transparency for overseas tax

OECD asked to ensure tax transparency in developing countries

Stephen Timms, Treasury minister

Big multi national companies should be revealing how much tax they pay in
developing countries to demonstrate they comply with local tax regimes,
according to Treasury minister Stephen Timms.

He also wants develping nations to be given access to more information on tax
agrrements between other countries, as well as expert technical help so they can
enforce their tax codes on companies currently avoiding, the
Guardian
reports.

The paper says that Timms wants the Organisation for Economic Cooperation and
Development (OECD) to take the measures as part of a new front on tax avoidance.

Timms is expected to announce the measures in a speech tomorrow.

Estimates of the sums owed to developing countries, but avoided by western
companies, range from £30bn to £180bn.

Read more:

OECD
praises tax information exchange agreements

Offshore
centres to face increasing scrutiny

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