Stephen backs Bill calling for greater financial transparency, and tells multinationals to “showmethemoney”

Stephen supported a new draft Bill in the House of Commons this week, calling for greater transparency in financial reporting by multinational enterprises.

Stephen Doughty MP and Rt Hon Caroline Flint MP

Stephen Doughty MP and Rt Hon Caroline Flint MP

The Bill, presented by Labour’s Rt Hon Caroline Flint MP, called for a requirement on multinational companies to include in their annual submissions to Companies House information that is required by HMRC, thereby providing greater financial transparency.

Stephen said: “Complicated tax arrangements set up by companies like Google have led to growing distrust by the public. Greater transparency would not only be fairer to UK taxpayers but would also help poorer countries too. Public country-by-country reporting is important because without it, companies are more able to make secretive deals with governments on where and how they declare their profits.

“We need multinational companies to be honest about how much tax they are paying, and where. I am urging the Chancellor to look seriously at this cross-party campaign led by Labour, and do the right thing to shine a light on secretive tax arrangements.”

Rt Hon Caroline Flint MP said: “I am delighted that Stephen is supporting the Multinational Enterprises [Financial Transparency] Bill.  Only by making these companies become more open will we restore public faith that they are paying fair taxes.”

The bill is also supported by NGOs including Oxfam, Christian Aid, ActionAid and CAFOD, and has the backing of the Fair Tax Mark and Tax Justice Network.

MPs are hoping that the Government will support the Bill or include its principal purpose in this year’s Finance Bill, which will be introduced following the Chancellor’s Budget.

 

 

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