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We’re nearly there with new financial transparency law, says Christian Aid

28 June 2016 - A new law to help curb multinational tax abuse across the world almost won House of Commons approval today, after 273 MPs from all the major parties today voted in favour of the change.

“This is a stunning result which gives us huge encouragement to keep pushing for a reform that is so urgently needed by people everywhere,” said Simon Kirkland, UK Political Adviser at Christian Aid.

“We are delighted to have got this far, thanks to the support of MPs across all many different parties, and we will now renew our efforts to change the law.

"Multinationals cannot be allowed to hide their finances from public scrutiny any longer.”

Today’s vote on the legal reform, which has been dubbed #ShowMeTheMoney, was just 22 votes short of the number needed for victory.

Had it won Parliamentary approval, the amendment to the Finance Bill would have required multinational companies above a certain size to publish information that they already have to give the UK taxman, about key details of their business in each country where they operate.

Such information can reveal suspicious patterns which warrant further investigation and may reflect a firm’s failure to pay its fair share of tax in all the countries where it operates.

Caroline Flint, MP for Don Valley, tabled the amendment, which was in turn backed by MPs from the Conservatives, UKIP, the Liberal Democrats, Labour, the Scottish Nationalists, the Greens, Plaid Cymru and the SDLP. Others supporting the amendment included Christian Aid, Oxfam, Save the Children, ActionAid and the Tax Justice Network.

Today's Commons vote came just days before the UK unveils its new public register of UK companies' real, flesh-and-blood owners. The public register is a hugely important landmark on the road towards greater financial transparency, just as the passage of the #ShowMeTheMoney amendment would have been.

Christian Aid expects the new government to sustain the UK's movement towards more transparency, whatever its political colours.

For more information please contact Rachel Baird on rbaird@christian-aid.org or 07850 242950.   


Notes to editors:

1. Christian Aid works in some of the world's poorest communities in around 40 countries at any one time. We act where there is great need, regardless of religion, helping people to live a full life, free from poverty. We provide urgent, practical and effective assistance in tackling the root causes of poverty as well as its effects.

2. Christian Aid’s core belief is that the world can and must be changed so that poverty is ended: this is what we stand for. Everything we do is about ending poverty and injustice: swiftly, effectively, and sustainably. Our strategy document ‘From Inspiration to Impact’ outlines how we set about this task.

3. Christian Aid is a member of the ACT Alliance, a global coalition of more than 130 churches and church-related organisations that work together in humanitarian assistance, advocacy and development. Further details at http://actalliance.org

4. Follow Christian Aid Ireland on Twitter: twitter.com/christianaidirl

5. For more information about the work of Christian Aid, visit www.christianaid.ie


 

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