Oral Answers to Questions

Stephen Gilbert Excerpts

Tuesday 14th May 2013 Commons Chamber

[Andrew Stunell (Hazel Grove) (LD)]

Q9. What plans the Government have to use the UK’s presidency of the G8 to tackle corporate tax evasion.

[Stephen Gilbert (St Austell and Newquay) (LD)]

Q10. What plans the Government have to use the UK’s presidency of the G8 to tackle corporate tax evasion.

--- Later in debate ---

[Mr Gauke]

My right hon. Friend makes an important point; indeed, we are doing that. We have signed an agreement with the US to implement FATCA as the new standard in tax transparency, and we are promoting that type of information around the world. We have reached agreements with the overseas territories and the Crown dependencies, while France, Germany, Italy, Spain and the UK have all agreed to exchange information based on the FATCA standard. That is very much the approach that we are taking in the G7, G8 and G20, and we have made remarkable progress so far.

[Stephen Gilbert]

Does the Minister recognise that, as well as capacity building in their domestic authorities, developing countries need better access to international tax information? Can that be part of the negotiations with the G8?

[Mr Gauke]

My hon. Friend makes an important point. It is important that we have better information that we can provide to developing countries. Whether we do that by exchanging information along the FATCA lines or by encouraging better global reporting to tax authorities by multinational companies, that information will prove very helpful for both developed and developing countries.