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Hull MP tells multinationals to “show us the money”

Hull North MP Diana Johnson today (Tuesday, 15 March) backed a Bill to end the secrecy around multinational companies’ taxes.
 
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.  Government plans only require this information to be shared with HMRC on a confidential basis.
 
The Multinational Enterprises (Financial Transparency) Bill would ensure that this information becomes public.
 
Diana Johnson MP said: “Most people in Hull North want successful companies in the UK, but they want them to pay their fair share in tax.  
 
“Too many multinational companies seem to be choosing the tax they want to pay, almost as if they were charitable donations, 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 into the public domain.”
 
Rt Hon Caroline Flint MP, who proposed the Ten Minute Rule Bill this week, said: “I am delighted that Diana Johnson MP 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 winners from public reporting are the Government, HMRC, those businesses and taxpayers who already pay fair taxes and developing countries who are being short changed.”
 
The issue was highlighted in the Commons on 25 January when Diana Johnson MP asked what rate of tax Google was required to pay in the UK - see http://goo.gl/XkizyD
 
The bill is also supported by 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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