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The UK is the first of 44 countries to commit formally to the new country-by-country reporting template proposed last week by the Organisation for Economic Cooperation and Development (OECD).
The move will improve transparency and help identify risks for tax avoidance, claimed financial secretary to the Treasury David Gauke.
He added, “In time, improved transparency between business and tax authorities will help developing countries in dealing with compliance, as they often lack the capacity to collect information themselves.
The UK is the first of 44 countries to commit formally to the new country-by-country reporting template proposed last week by the Organisation for Economic Cooperation and Development (OECD).
The move will improve transparency and help identify risks for tax avoidance, claimed financial secretary to the Treasury David Gauke.
He added, “In time, improved transparency between business and tax authorities will help developing countries in dealing with compliance, as they often lack the capacity to collect information themselves.
“Reporting high-level information using a standardised format across all jurisdictions will ensure consistency, give tax authorities the information they need, and minimise the additional administration burden on business.”
