Financial Transparency Bill

The Government is legislating to require large multinational companies to report their tax, revenues, profits and assets to HMRC, as part of an international effort to tackle tax avoidance.

I was happy to support the Multinational Enterprises (Financial Transparency) Bill that would ensure this information becomes public.

Government plans only require this information to be shared with HMRC on a confidential basis.

People in Hackney want successful companies in the UK, but they want them to pay tax fairly. Too many multinational companies seem to be choosing the tax they want to pay, rather than paying the tax they should pay, via complicated international arrangements. That's why I'm pleased to be backing this Bill, to put basic information about these financial dealings in the public domain.

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.