Deidre Brock MP has backed a budget amendment to make multinational companies publish country-by-country information on their businesses - including profits made and taxes paid in each country where they operate.
Ms Brock, a member of the Public Accounts Committee, co-signed the amendment to the Finance Bill put forward by Labour's Caroline Flint, being launched today (Wed June 8).
Ms Brock said:-
"I'm happy to support Caroline Flint's amendment and work on a cross-party basis to build a fairer tax system.
"Greater transparency is a crucial step in tackling tax avoidance and evasion. It's something the SNP supports, and something I called for after the Public Accounts committee grilled the Chief Executive of HMRC about the recent backroom deal with Google. How can people believe big businesses are paying what they are due, when the system is so shrouded in secrecy?
"If multinationals are made to publish information on their tax dealings in other countries, it will make the system fairer for UK based businesses. It would mean we know when companies are stashing their cash in tax havens, and we know when a 'sweetheart deal' is being done.
"It would also bring tax justice to developing companies, who potentially lose more revenue through tax dodging that they gain from overseas aid.
"The amendment would be relatively simple to enact – country by country reporting is already required by HMRC – but it would remove the cloak of confidentiality so we don't rely on leaks to learn what's really going on.
"I welcome the cross-party support for public country-by-country reporting, and call for the UK Government to take this important step towards a more open tax system."
• The amendment to the Finance Bill tabled by Caroline Flint and members of the Public Accounts Committee will be launched today (Wed 8 June). It has the backing of Labour, the SNP, the Liberal Democrats, Plaid Cymru, the SDLP, the UUP, Green MP Caroline Lucas and UKIP's Douglas Carswell.
• The amendment would add an additional requirement to the Finance Bill for qualifying multinational enterprises to include in the new public tax strategy a country-by-country report.• Deidre Brock MP is the SNP member on the Public Accounts Committee. The Committee took evidence from HMRC and Google for their report on 'Corporate Tax Settlements' following the £130 million Google back tax agreement: http://www.publications.parliament.uk/pa/cm201516/cmselect/cmpubacc/788/78802.htm
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