Dudley MP Ian Austin has backed a Bill to end the secrecy around multinational companies’ taxes.
Austin has backed the Multinational Enterprises (Financial Transparency) Bill would ensure that large multinational companies report their tax, revenues, profits and assets publicly as part of an international effort to tackle tax avoidance.
The Government is currently planning to collect this information but share it only with HMRC on a confidential basis.
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.
Ian Austin said:
“People in Dudley want big businesses to invest in Britain, but they want them to pay their fair share or tax too.
“While millions of families and the vast majority of British firms pay their fair share, it's not right that some firms don't.
“That’s why I’m backing this Bill to ensure that big multinational companies can’t get away with making deals in private to pick and choose the tax they pay.”