Download the full outcome
Detail of outcome
The government response to the consultation summarises the comments received and sets out the government’s decisions on the issues raised. The government has also published a Tax Information and Impact Note alongside this response.
We are now seeking final views on the CBCR draft legislation and draft guidance.
CRD4 includes country-by-country reporting (CBCR) requirements. The UK is required to transpose CRD4, including the CBCR requirements into national law. The consultation seeks to gather the opinions of stakeholders and other interested parties concerning the details of that transposition.
Recital 52 of CRD4 sets out the purpose of the CBCR requirements: “increased transparency regarding the activities of institutions, and in particular regarding profits made, taxes paid and subsidies received, is essential for regaining the trust of citizens of the Union in the financial sector. Mandatory reporting in that area can therefore be seen as an important element of the corporate responsibility of institutions towards stakeholders and society.”
In implementing the CBCR requirements in CRD4 the government is committed to taking the approach which is most proportionate and, where possible, we will attempt to ensure that it is consistent with the approach adopted by other countries and other tax transparency initiatives.
We would like to hear from institutions subject to the CBCR requirements and associated bodies, including accounting firms who will audit and manage the disclosures. We are also keen to hear from all parties interested in tax transparency.