Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will bring forward legislative proposals to tackle tax avoidance by multinational companies.

The government takes the issue of tax avoidance by multinational companies seriously. Legislation for the Diverted Profits Tax was introduced in Finance Act 2015 effective from 1 April 2015 to counter the use of contrived arrangements by multinational companies to erode the UK tax base. The UK has also continued to lead the way on reform of the international tax rules to address tax avoidance by multinational companies through the G20-OECD Base Erosion and Profit Shifting Project. Legislation to implement the OECD model for country-by-country reporting was introduced in Finance Act 2015. The UK has also committed to introduce the OECD agreed rules to address hybrid mismatch arrangements.