WIREDGOV

The CBI has responded to the European Commission's proposals for company country-by-country tax reporting.

CBI Director of Economics, Rain Newton-Smith, said:

“The CBI supports greater tax transparency where it can strengthen the role of the authorities to stamp out illicit financial activity and abusive tax arrangements, which the CBI does not condone. That’s why we have backed the creation of a public register of beneficial ownership, the OECD's recommendations for country-by-country reporting to tax authorities and the sharing of this information between EU authorities.

“These OECD recommendations will allow experts to have the information they need to ensure the right amount of tax is paid in accordance with the law - outside of political, media or public influence, which could undermine the independence of tax authorities. They should be implemented by individual countries and given a chance to demonstrate their effectiveness. The Commission's latest proposals for public country-by-country reporting go beyond the OECD consensus, which risks adversely affecting the competitiveness of European businesses and the independence of the tax authorities.”