Tax reforms – what are the politicians planning?

MEETINGS of global leaders are set to be dominated by plans to develop a new international tax agreement. The Organisation for Economic Co-operation and Development has been working on an action plan, to be discussed at the upcoming G8 and G20 summits. Before meeting with the EU yesterday, David Cameron wrote to 10 British overseas territories, urging them to commit to new agreements on tax. He and Labour are calling for a form of country-by-country reporting to force companies to reveal more details of their tax payments. Labour yesterday unveiled a five point plan, which also asks the government to reassess the changes it has made to Controlled Foreign Company rules – an unlikely outcome.