Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will make it his policy to require that multinational corporations produce a breakdown of their profits earned in the UK and to report all payments of royalties, interest on borrowing and transfer pricing to other tax areas.

At the Autumn Statement the Chancellor announced that the UK will introduce legislation to implement the G20-OECD agreed model for country-by-country reporting, which requires multinational companies to provide tax authorities with high level information on profit, corporation tax paid and certain indicators of economic activity for risk assessment.

Draft legislation for Finance Bill 2015 was published on 10 December 2014 together with a Tax Information and Impact Note and an Explanatory Note.