The Finance Bill reporting measure branded ineffective

The Finance Bill, currently going through Parliament, has been amended to require country-by-country reporting, showing where companies paid their taxes and earned their revenues. However, Miles Dean, managing partner of Milestone International Tax, labelled the amendment “nothing more than an ineffectual naming and shaming exercise”. He said multinational enterprises would relocate to wherever they got the best deal, and countries such as Luxembourg and Ireland with low corporation tax weren’t interested in corporation tax as they wanted to encourage jobs that produce income.