100 signatures reached
To: Jeremy Hunt, Chancellor of the Exchequer
Make large multinationals lift the lid on their taxes
#ShowMeTheMoney and make all multinationals lift the lid on the taxes they pay in the UK and around the world.
Why is this important?
The vast majority of multinational enterprises that operate in the UK refuse to disclose how much corporation tax they pay here or in any other country. Which means that we have no way of telling whether the likes of Amazon and Facebook are paying their fair share of taxes.
What we need is a breakdown of exactly how much income, profit and tax is being generated – otherwise known as “public country-by-country reporting” (pCbCR). The more transparency we have, the less likely multinationals are to stash profits away in tax havens.
Across the globe, 35% of multinational profits (US$1 trillion) are artificially shifted to tax havens each year, leading to a 10% reduction in corporate income tax revenue. Within this, the UK was found to suffer a staggering £64bn of profit shifting, leading to an estimated £12.5bn reduction in corporation tax revenues.
A small, but growing, number of responsible enterprises voluntarily embrace the need for such transparency and say what they pay with pride - such as Fair Tax Mark accredited businesses. Furthermore, pCbCR will soon be mandatory for large multinationals operating across the European Union, with similar requirements recently announced in Australia also.
It is now time for the UK to require similar action. Especially as in 2016, MPs from all sides of Parliament voted in support of such action being taken – although the Government has, to date, refused to enact legislation.
So we say: don’t delay – it’s time to #ShowMeTheMoney and for all multinationals to lift the lid on the taxes they pay in the UK and around the world.
What we need is a breakdown of exactly how much income, profit and tax is being generated – otherwise known as “public country-by-country reporting” (pCbCR). The more transparency we have, the less likely multinationals are to stash profits away in tax havens.
Across the globe, 35% of multinational profits (US$1 trillion) are artificially shifted to tax havens each year, leading to a 10% reduction in corporate income tax revenue. Within this, the UK was found to suffer a staggering £64bn of profit shifting, leading to an estimated £12.5bn reduction in corporation tax revenues.
A small, but growing, number of responsible enterprises voluntarily embrace the need for such transparency and say what they pay with pride - such as Fair Tax Mark accredited businesses. Furthermore, pCbCR will soon be mandatory for large multinationals operating across the European Union, with similar requirements recently announced in Australia also.
It is now time for the UK to require similar action. Especially as in 2016, MPs from all sides of Parliament voted in support of such action being taken – although the Government has, to date, refused to enact legislation.
So we say: don’t delay – it’s time to #ShowMeTheMoney and for all multinationals to lift the lid on the taxes they pay in the UK and around the world.
