Country-by-country reporting in the EU Parliament today

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I am taking part in a conference in the EU parliament marking the anniversary of the Panama Papers today. I am talking about the role of country-by-country reporting in tackling illicit financial flows. These are my slides:

Tackling illicit flows: Country-by-country reporting

  • Richard Murphy
  • Professor of Practice in International Political Economy: City, University of London

What CBCR is

  • CBCR is accounting data: it is not tax data
  • CBCR shows what a multinational corporation does in each country in which it operates
  • It does this by publishing:
    • An abbreviated income statement including sales, profit and tax information
    • Some employment data
    • Limited cash flow data
    • Some balance sheet information
    • And some narrative explanation (hopefully)
  • This permits a tax risk assessment
  • But more importantly it is about holding global corporations to account locally

What CBCR does

CBCR changes:

  • The way we look at multinational corporations:
    • They are not monolithic entities but a patchwork of local enterprises that are integrated into something bigger than the parts
  • The way that multinational corporations account:
    • Their responsibility is no longer just to shareholders but to all their local stakeholders as well
  • Our understanding of tax:
    • Taxes are not a lump sum paid by one multinational company but are the sum of all the individual payments made in a great many places, and we have to understand them all
  • Corporate behaviour:
    • What we measure counts. If multinational corporations have to account locally it will change their behaviour in those places

Why CBCR will work

CBCR will work because:

  • It exposes who uses tax havens:
    • And no one enjoys that now
  • If MNCs know that their tax abuse can be exposed by CBCR they will change their behaviour:
    • No one wants to be shown to be cheating
  • It is easy to use:
    • And the work I am doing at City, University of London (and with others) intends to make that easier still
  • MNCs will know they can be held to account locally:
    • They will improve their local performance to meet stakeholder expectations as a result

April 26, 2017 at 12:09PM

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from Richard Murphy

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Is There An Option To Buy Unlimited Life Insurance Cover?

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Unlimited life insurance cover, though sounding to be a highly enticing bet, is in no way possible, even if the life insured has the capability to pay premiums towards it. And as such the main factors which the sum assured value

April 26, 2017 at 11:51AM

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ICAI: Marks for passing ISA (Assessment Test) reduced to 60%

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A candidate for the Information System Audit (Assessment Test) shall ordinarily be declared to have passed the Test, if he/she secures, a minimum of sixty percent marks in aggregate

April 26, 2017 at 10:09AM

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from admin

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ICAI: Marks for passing ISA (Assessment Test) reduced to 60%

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A candidate for the Information System Audit (Assessment Test) shall ordinarily be declared to have passed the Test, if he/she secures, a minimum of sixty percent marks in aggregate

April 26, 2017 at 10:09AM

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from admin

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Debt Free Company Stocks That You Should Invest In India

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It is always a great idea to buy stocks that are not only debt free, but, also have solid cash flows. These stocks also tend to provide great dividends, but, since the prices are high for such stocks, their dividend yields

April 26, 2017 at 09:50AM

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No Tax on amount not receivable under a void contract

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On the contract becoming void ab initio, the transaction of income from ICICI Home Financing Co. Ltd. was reversed by the assessee since there was no legally enforceable right to such income on the contract being declared as void ab initio.

April 26, 2017 at 08:51AM

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from Editor

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