Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, when the Government plans to implement provisions in the Finance Act 2016 to require (a) multinational enterprises and (b) UK subgroups of multinational enterprises to provide annual country-by-country tax reports to HM Revenue and Customs.

The Government has been a supporter of greater tax transparency and the provision in the Finance Act 2016 mirrors this position.

It remains important that the provision is used to deliver a model of public country-by-country reporting that has been agreed on a multilateral basis. This will ensure public country-by-country reporting applies to both UK headquartered and foreign headquartered multinationals, requiring them to report on their profits and taxes for the full range of countries in which they operate.

We will continue to work with international partners on greater public disclosure of the tax affairs of multinational enterprises, including our continued participation in the discussions on the European Commission’s proposal.