Belfast Telegraph

Wednesday 23 July 2014

Ed Miliband pledges an end to culture of 'tax secrecy'

Ed Miliband

Multinational firms would no longer to be able to hide how much corporation tax they are paying in Britain under a Labour government, Ed Miliband promised yesterday.

He pledged to end the era of "tax secrecy" which has provoked an outcry over companies such as Amazon, Google and Starbucks, accused of exploiting tax rules to reduce the tax they pay in the UK.

The Labour leader said multinationals would be forced to publish a simple, single figure for their UK corporation tax payments. Labour's policy review will propose changes to the tax system to close loopholes. It will consider stricter rules on "transfer pricing", like those introduced in Denmark.

Labour believes that greater transparency would increase public pressure on the big firms to act responsibly.

Mr Miliband told BBC's The Andrew Marr Show: "Many British companies and many individuals are paying their fair share of tax and they look in horror at a system where some multinational companies can make huge profits in Britain and not pay taxes in Britain."

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