Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether he will take steps to require multinational companies to set out in their annual report how much tax they would owe the Exchequer if they were to subtract costs incurred solely in the UK from their revenues generated solely in the UK.

Along with most major economies in the world, the UK levies corporation tax on the basis of the profits generated by economic activity and assets held here.

The Government introduced country-by-country reporting which requires multinationals to provide HMRC with comprehensive information about global activities, profits and taxes. This enables HMRC to better assess where risks lie and where their efforts to counter aggressive tax planning and tax avoidance should be focused.

The UK is committed to a multilateral model of public country-by-country reporting and we will continue to engage with our international partners on this issue.