| answer text |
<p>The UK introduced legislation in Finance Bill 2015 in order to implement the G20-OECD
model for Country-by-Country reporting. This will require multinational companies
to provide information on the global allocation of income, economic activity and taxes,
and will give tax authorities a clear picture of a multinational company’s global
business, whilst ensuring the administrative costs for businesses are minimised.</p><p>
</p><p> </p><p> </p><p>The OECD model for Country-by-Country reporting to tax authorities
is for high level risk assessment purposes and includes protections to ensure sensitive
information remains confidential. Making the reporting information public would not
enhance risk assessment and would likely increase resource implications on both business
and tax authorities. The UK has however transposed the EU Capital Requirements Directive
IV, which requires public reporting for the banking and capital markets industry.</p><p>
</p><p> </p><p> </p><p>The European Commission has launched a public consultation
on this issue and will evaluate the costs and benefits of different forms of Country-by-Country
reporting, including the public disclosure of this information. The UK will be interested
in understanding their findings.</p><p> </p><p> </p><p> </p>
|
|
