際際滷

際際滷Share a Scribd company logo

Tax avoidance debate timeline final

Dr Raj Thamotheram
Dr Raj Thamotheram

The corporate tax avoidance debate seems to have "suddenly" made the switch from being immaterial to material. This time line of key events, however, suggests a different conclusion: NGOs, campaigning journalists and progressive foundations have worked over decades to force the issue on to the business and investor agenda.

1 of 6
Downloaded 12 times
Corporate Tax Avoidance Debate: Key Milestones (1992 to 2015) Dr Raj Thamotheram (Director, Preventable Surprises) & Kazutaka Kuroda (Associate, Preventable Surprises) 1 Orange = NGOs, campaign journalists & progressive foundations Blue = corporations & investors Green = governments & inter-government bodies
Tax avoidance debate timeline (1992-2005) 2 Date Events 1992 "International Business Taxation" (Sol Picciotto) 23 May 1996 OECD Ministrial Meeting - commitment to work towards a common approach to the problems posed by harmful tax competition1 July 1996 G7 Lyon Summit - reference to the emerging need for international tax reform, support of OECD tax competition work2 November 1996 "The Offshore Interface" (Mark Hampton)3 09 April 1998 OECD "Harmful Tax Competition" report4 June 2000 Oxfam "Tax Havens: Releasing the hidden billions for poverty eradication5 Late 2002 John Christiansen convened first meeting at the European Social Forum of what would become the Tax Justice Network During 2003 Tax Justice Network founded During 2005 JRCT made first grant to Tax Justice Network February 2005 Henderson "Tax, Risk and Corporate Governance" report6 March 2005 Tax Justice Network "Price of Offshore7 September 2005 Tax Justice Network "Tax us if you can 1st Edition8 October 2005 Henderson "Responsible Tax" report9 Source: 1 http://www.g8.utoronto.ca/oecd/oecd96.htm 2 http://europa.eu/rapid/press-release_DOC-96-5_en.htm 3 http://www.palgrave.com/page/detail/?sf1=id_product&st1=256463 4 http://www.oecd.org/tax/transparency/44430243.pdf 5 http://policy-practice.oxfam.org.uk/publications/tax-havens-releasing-the-hidden-billions-for-poverty-eradication-114611 6 http://www.henderson.com/content/sri/publications/reports/taxriskcorporategovernance.pdf 7 http://www.taxjustice.net/cms/upload/pdf/Price_of_Offshore.pdf 8 http://www.taxjustice.net/cms/upload/pdf/tuiyc_-_eng_-_web_file.pdf 9 http://www.taxjustice.net/cms/upload/pdf/Global_Henderson_-_ResponsibleTax_-_OCT_2005.pdf
Tax avoidance debate timeline (2008 - July 2012) 3 Source: 10 http://www.taxjustice.net/cms/upload/pdf/Country-by-country_reporting_-_080322.pdf 11 http://www.brettonwoodsproject.org/2009/04/art-563944/ 12 See page 9 http://www.ey.com/Publication/vwLUAssets/Tax_Transparency_-_Seizing_the_initiative/$FILE/EY_Tax_Transparency.pdf 13 http://www.actionaid.org.uk/sites/default/files/doc_lib/tax_responsibility.pdf 14 http://www.efrag.org/files/ProjectDocuments/Proactive%20-%20Income%20Taxes/120127_Income_tax_DP_final.pdf 15 See page 9 http://www.ey.com/Publication/vwLUAssets/Tax_Transparency_-_Seizing_the_initiative/$FILE/EY_Tax_Transparency.pdf Date Events March 2008 Tax Justice Network "Country by Country Reporting: How to Make Multinational Companies More Transparent10 15 November 2008 G20 Summit Communique of 2008 - pursue improved tax information exchange and transparency 02 April 2009 G20 Summit Communique of 2009 - commitment to publish a list of non-cooperative jurisdictions (benchmark: international standard for exchange of information on tax)11 July 2010 President Obama signs Dodd-Frank Wall Street Reform and Consumer Protection Act - SEC registered extractive industry companies are required to report all payments including taxes made to US Federal and foreign governments, by project and by country, on an annual basis. September 2010 The European Parliament requests that the European Commission consider the area of Transparency and Accounting12 July 2011 ActionAid, FairFood, FairPensions "Tax responsibility: the business case for making tax a corporate responsibility issue" report13 December 2011 EFRAG releases the discussion paper "Improving the Financial Reporting of Income Tax 14 June 2012 The Council of the European Union initiate discussions on the proposals for EU Directives on Transparency and Accounting15 July 2012 Tax Justice Network "Price of Offshore Revisited" July 2012 Tax Justice Network "Tax us if you can 2nd Edition"
Tax avoidance debate timeline (November 2012 March 2013) 4 Date Events November 2012 UK Public Account Committee require large US multinationals, Big 4 Heads of Tax/Tax Policy to discuss their tax positions and practices November 2012 Stephen McPartland MP & Christian Aid write to the the Hundred Group asking for support for country by country reporting 13 December 2012 Citizens for Tax Justice "Fortune 500 Corporations Holding $1.6 Trillion in Profits Offshore" report February 2013 ActionAid "Tax responsibility: an investor guide" report February 2013 EFRAG releases its feedback statement on 'Improving the Financial Reproting of Income Tax' discussion paper February 2013 Australian government instructs the Treasury to analyse whether greater reporting of taxes paid by multinationals in every country is desirable February 2013 UK government announces proposals to require potential suppliers under Government contracts to confirm they have not been involved in certain tax avoidance arrangements 12 February 2013 OECD "Addressing Base Erosion and Profit Shifting" report March 2013 HM Government issues its response to the Public Account Committee report and recommendations on HMRC's performance, in particular in respect of the UK taxation borne by multinationals
Tax avoidance debate timeline (April 2013 June 2014) 5 Date Events April 2013 Ernst & Young "Tax transparency: Seizing the initiative" report April 2013 The European Parliament agrees proposals that will require banking entities to report profit before tax and payments to and from governments to be reported annually to the European Commission as part of a range of proposals that form part of the EU's Capital Requirements Directive (CRD) IV April 2013 Australian Assistant Treasury releases a Treasury discussion paper proposing disclosure by the Australian Taxation Office of the total income, taxable income, and income tax payable of large corporate entities with total income of AUD 100m or more with a proposed state date of 2013/14 April 2013 EU finalises drafting of Accounting Directive to require reporting of payments to governments by EU extractive and logging entities 15 April 2013 HM Revenue and Customs Public Accounts Committee "Tax avoidance: the role of large accountancy firms" report 07 May 2013 Confederation of British Industry "Seven Tax Planning Principles" July 2013 Confederation of British Industry "Tax and British business: Making the case" July 2013 EU Accounting Directive enters into force 19 July 2013 OECD "Action Plan on Base Erosion and Profit Shifting" report August 2013 Sustainalytics "It's Time to Call for More Responsibility - Multinational Corporations and Tax Transparency: Issues for Responsible Investors" report 01 January 2014 CRD IV comes into effect in the UK 30 January 2014 OECD BEPS consultation documentation published April 2014 KPMG "Country by country reporting - overview and comparison of the initiatives" June 2014 OECD BEPS CFA (Committees on Fiscal Affairs) reviewed and approved a template for Country by Country reporting
Tax avoidance debate timeline (July 2014 July 2015) 6 Date Events 01 July 2014 CRD IV: Report name, activities, geographic location, number of employees, turnover. Global Systemically Important Institutions were required to disclose additional information such as their pre-tax profit or loss, their taxes paid and any public subsidies received confidentially. 05 August 2014 UK Government and EITI membership announced it will require oil, gas and mining companies to publicly report their payments to governments in all countries in which they operate September 2014 OECD BEPS CFA final template finalised and published 16 September 2014 OECD releases first BEPS recommendations to G20 for international approach to combat tax avoidance by multinationals 03 November 2014 ShareAction and Christian Aid "Seven questions investors should ask about the pitfalls of corporate tax practice" 05 Novermber 2014 International Consortium of Investigative Journalists: release of information about 300 multinationals given favourable tax treatment by Luxembourg ("LuxLeaks") 10 November 2014 ITUC "Global Union Call for Action for Pension Fund Responsible Tax Practices" 12 November 2014 Investor coalition (LAPFF, Batirente, RLAM, OFI AM, Tridos IM) on tax avoidance Early 2015 Church of England Investment Board engagement on corporate tax planning 20 July 2015 EU Accounting Directive: EU member states have until 20 July 2015 latest to issue laws to enforce its application

More Related Content

Tax avoidance debate timeline final

  • 1. Corporate Tax Avoidance Debate: Key Milestones (1992 to 2015) Dr Raj Thamotheram (Director, Preventable Surprises) & Kazutaka Kuroda (Associate, Preventable Surprises) 1 Orange = NGOs, campaign journalists & progressive foundations Blue = corporations & investors Green = governments & inter-government bodies
  • 2. Tax avoidance debate timeline (1992-2005) 2 Date Events 1992 "International Business Taxation" (Sol Picciotto) 23 May 1996 OECD Ministrial Meeting - commitment to work towards a common approach to the problems posed by harmful tax competition1 July 1996 G7 Lyon Summit - reference to the emerging need for international tax reform, support of OECD tax competition work2 November 1996 "The Offshore Interface" (Mark Hampton)3 09 April 1998 OECD "Harmful Tax Competition" report4 June 2000 Oxfam "Tax Havens: Releasing the hidden billions for poverty eradication5 Late 2002 John Christiansen convened first meeting at the European Social Forum of what would become the Tax Justice Network During 2003 Tax Justice Network founded During 2005 JRCT made first grant to Tax Justice Network February 2005 Henderson "Tax, Risk and Corporate Governance" report6 March 2005 Tax Justice Network "Price of Offshore7 September 2005 Tax Justice Network "Tax us if you can 1st Edition8 October 2005 Henderson "Responsible Tax" report9 Source: 1 http://www.g8.utoronto.ca/oecd/oecd96.htm 2 http://europa.eu/rapid/press-release_DOC-96-5_en.htm 3 http://www.palgrave.com/page/detail/?sf1=id_product&st1=256463 4 http://www.oecd.org/tax/transparency/44430243.pdf 5 http://policy-practice.oxfam.org.uk/publications/tax-havens-releasing-the-hidden-billions-for-poverty-eradication-114611 6 http://www.henderson.com/content/sri/publications/reports/taxriskcorporategovernance.pdf 7 http://www.taxjustice.net/cms/upload/pdf/Price_of_Offshore.pdf 8 http://www.taxjustice.net/cms/upload/pdf/tuiyc_-_eng_-_web_file.pdf 9 http://www.taxjustice.net/cms/upload/pdf/Global_Henderson_-_ResponsibleTax_-_OCT_2005.pdf
  • 3. Tax avoidance debate timeline (2008 - July 2012) 3 Source: 10 http://www.taxjustice.net/cms/upload/pdf/Country-by-country_reporting_-_080322.pdf 11 http://www.brettonwoodsproject.org/2009/04/art-563944/ 12 See page 9 http://www.ey.com/Publication/vwLUAssets/Tax_Transparency_-_Seizing_the_initiative/$FILE/EY_Tax_Transparency.pdf 13 http://www.actionaid.org.uk/sites/default/files/doc_lib/tax_responsibility.pdf 14 http://www.efrag.org/files/ProjectDocuments/Proactive%20-%20Income%20Taxes/120127_Income_tax_DP_final.pdf 15 See page 9 http://www.ey.com/Publication/vwLUAssets/Tax_Transparency_-_Seizing_the_initiative/$FILE/EY_Tax_Transparency.pdf Date Events March 2008 Tax Justice Network "Country by Country Reporting: How to Make Multinational Companies More Transparent10 15 November 2008 G20 Summit Communique of 2008 - pursue improved tax information exchange and transparency 02 April 2009 G20 Summit Communique of 2009 - commitment to publish a list of non-cooperative jurisdictions (benchmark: international standard for exchange of information on tax)11 July 2010 President Obama signs Dodd-Frank Wall Street Reform and Consumer Protection Act - SEC registered extractive industry companies are required to report all payments including taxes made to US Federal and foreign governments, by project and by country, on an annual basis. September 2010 The European Parliament requests that the European Commission consider the area of Transparency and Accounting12 July 2011 ActionAid, FairFood, FairPensions "Tax responsibility: the business case for making tax a corporate responsibility issue" report13 December 2011 EFRAG releases the discussion paper "Improving the Financial Reporting of Income Tax 14 June 2012 The Council of the European Union initiate discussions on the proposals for EU Directives on Transparency and Accounting15 July 2012 Tax Justice Network "Price of Offshore Revisited" July 2012 Tax Justice Network "Tax us if you can 2nd Edition"
  • 4. Tax avoidance debate timeline (November 2012 March 2013) 4 Date Events November 2012 UK Public Account Committee require large US multinationals, Big 4 Heads of Tax/Tax Policy to discuss their tax positions and practices November 2012 Stephen McPartland MP & Christian Aid write to the the Hundred Group asking for support for country by country reporting 13 December 2012 Citizens for Tax Justice "Fortune 500 Corporations Holding $1.6 Trillion in Profits Offshore" report February 2013 ActionAid "Tax responsibility: an investor guide" report February 2013 EFRAG releases its feedback statement on 'Improving the Financial Reproting of Income Tax' discussion paper February 2013 Australian government instructs the Treasury to analyse whether greater reporting of taxes paid by multinationals in every country is desirable February 2013 UK government announces proposals to require potential suppliers under Government contracts to confirm they have not been involved in certain tax avoidance arrangements 12 February 2013 OECD "Addressing Base Erosion and Profit Shifting" report March 2013 HM Government issues its response to the Public Account Committee report and recommendations on HMRC's performance, in particular in respect of the UK taxation borne by multinationals
  • 5. Tax avoidance debate timeline (April 2013 June 2014) 5 Date Events April 2013 Ernst & Young "Tax transparency: Seizing the initiative" report April 2013 The European Parliament agrees proposals that will require banking entities to report profit before tax and payments to and from governments to be reported annually to the European Commission as part of a range of proposals that form part of the EU's Capital Requirements Directive (CRD) IV April 2013 Australian Assistant Treasury releases a Treasury discussion paper proposing disclosure by the Australian Taxation Office of the total income, taxable income, and income tax payable of large corporate entities with total income of AUD 100m or more with a proposed state date of 2013/14 April 2013 EU finalises drafting of Accounting Directive to require reporting of payments to governments by EU extractive and logging entities 15 April 2013 HM Revenue and Customs Public Accounts Committee "Tax avoidance: the role of large accountancy firms" report 07 May 2013 Confederation of British Industry "Seven Tax Planning Principles" July 2013 Confederation of British Industry "Tax and British business: Making the case" July 2013 EU Accounting Directive enters into force 19 July 2013 OECD "Action Plan on Base Erosion and Profit Shifting" report August 2013 Sustainalytics "It's Time to Call for More Responsibility - Multinational Corporations and Tax Transparency: Issues for Responsible Investors" report 01 January 2014 CRD IV comes into effect in the UK 30 January 2014 OECD BEPS consultation documentation published April 2014 KPMG "Country by country reporting - overview and comparison of the initiatives" June 2014 OECD BEPS CFA (Committees on Fiscal Affairs) reviewed and approved a template for Country by Country reporting
  • 6. Tax avoidance debate timeline (July 2014 July 2015) 6 Date Events 01 July 2014 CRD IV: Report name, activities, geographic location, number of employees, turnover. Global Systemically Important Institutions were required to disclose additional information such as their pre-tax profit or loss, their taxes paid and any public subsidies received confidentially. 05 August 2014 UK Government and EITI membership announced it will require oil, gas and mining companies to publicly report their payments to governments in all countries in which they operate September 2014 OECD BEPS CFA final template finalised and published 16 September 2014 OECD releases first BEPS recommendations to G20 for international approach to combat tax avoidance by multinationals 03 November 2014 ShareAction and Christian Aid "Seven questions investors should ask about the pitfalls of corporate tax practice" 05 Novermber 2014 International Consortium of Investigative Journalists: release of information about 300 multinationals given favourable tax treatment by Luxembourg ("LuxLeaks") 10 November 2014 ITUC "Global Union Call for Action for Pension Fund Responsible Tax Practices" 12 November 2014 Investor coalition (LAPFF, Batirente, RLAM, OFI AM, Tridos IM) on tax avoidance Early 2015 Church of England Investment Board engagement on corporate tax planning 20 July 2015 EU Accounting Directive: EU member states have until 20 July 2015 latest to issue laws to enforce its application