The Public Accounts Committee has published the report of its evidence session on corporate tax deals, which took place on 11 February, focusing specifically on HMRC’s recent corporation tax settlement with Google.
The report makes five main recommendations arising from the hearing.
In response, HMRC said that it 'does not settle for a penny less than is due under the law' from multinationals. 'Last year we brought in an additional £7bn by rigorously enforcing the tax rules that apply to large businesses.'
HMRC said it understands the appetite for further information into how it pursues the tax payable by multinationals, and is 'committed to being as open and transparent as we can within the constraints of our statutory duty of taxpayer confidentiality'.
'There will also be a legal requirement for large businesses to publish their tax strategy for UK activities plus a new "special measures" approach which will target those large businesses with a persistent record for aggressive tax planning. The penalty rules will change this year to better support those who play by the rules and the PAC has welcomed that.'
As regards HMRC's role in pressing for change at an international level, the department said: 'The UK has played a leading role in the OECD to strengthen international standards and to make global tax laws work better and we will continue to do so.'
For the PAC report, see http://bit.ly/20UKmT7.
The Public Accounts Committee has published the report of its evidence session on corporate tax deals, which took place on 11 February, focusing specifically on HMRC’s recent corporation tax settlement with Google.
The report makes five main recommendations arising from the hearing.
In response, HMRC said that it 'does not settle for a penny less than is due under the law' from multinationals. 'Last year we brought in an additional £7bn by rigorously enforcing the tax rules that apply to large businesses.'
HMRC said it understands the appetite for further information into how it pursues the tax payable by multinationals, and is 'committed to being as open and transparent as we can within the constraints of our statutory duty of taxpayer confidentiality'.
'There will also be a legal requirement for large businesses to publish their tax strategy for UK activities plus a new "special measures" approach which will target those large businesses with a persistent record for aggressive tax planning. The penalty rules will change this year to better support those who play by the rules and the PAC has welcomed that.'
As regards HMRC's role in pressing for change at an international level, the department said: 'The UK has played a leading role in the OECD to strengthen international standards and to make global tax laws work better and we will continue to do so.'
For the PAC report, see http://bit.ly/20UKmT7.