OffshoreCapital question

Photo of Diane AbbottDiane Abbott Shadow Secretary of State for International Development

To ask Mr Chancellor of the Exchequer, what steps his Department is taking to reduce tax avoidance and tax crime in the UK’s overseas territories and Crown dependencies.

Photo of David GaukeDavid Gauke The Financial Secretary to the Treasury

The UK initiated the Base Erosion and Profit Shifting (BEPS) project under our G8 Presidency in 2013 to stop multinational enterprises exploiting gaps and mismatches between countries’ tax rules. We were one of the first countries to adopt the recommendations from the project.

We also called on the OECD to develop a framework for Country-by-Country (CbC) reporting to tax authorities. We’ve implemented the OECD framework and have pushed to go further, with the Chancellor calling for public CbC reporting in the EU and G20. The Commission’s recent proposals are a step in the right direction, and we will give full consideration to them.

In addition, as a result of our G8 Presidency in 2013, more than 90 countries have agreed to automatically exchange taxpayer financial account information under the Common Reporting Standards, and create company beneficial ownership registers. Under pressure from the UK Government, the Crown Dependencies and Overseas Territories have signed up to these new standards

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