This is fun

In a promotional email from Sven Giegold, Green MEP:

Today is truly a great day. For greater tax transparency, for our democracy and also for me personally. Because just now (Thursday, 25.02) the Ministers for Economic, Industrial and Research Policy in the EU have made a groundbreaking decision in the fight against tax avoidance of multinational companies. With a clear qualified majority, the Ministers adopted a proposal for public country-by-country reporting, despite a continued blockade by several Member States. This is the breakthrough for fair corporate taxation everywhere in Europe! I have been working on this idea of country-by-country tax transparency for large corporations for almost 20 years and now the blockade in the Council is finally out of the way!

So that’s from two years before Ritchie invented the concept then.

13 thoughts on “This is fun”

  1. CBCR was on the agenda way before then….

    “The questionable financial practices of multinational companies first came under scrutiny in the 1970s. After a US multinational was found having supported a failed coup against Chile’s president Salvador Allende, the UN established upon request by Chile of 1972 and after long and intense negotiations a UN Commission for Transnational Corporations in 1975. Within this commission, a Group of Experts on International Standards of Accounting and Reporting (GEISAR) has been convened to increase financial transparency of transnational corporations. It was consensus that public reporting requirements should shed more light into the multinational corporate networks and finances. Their first advances towards CBCR were made in 1977. GEISAR proposed a set of concrete recommendations which required the publishing of detailed financial reports for each company within a multinational corporation, including information on intra-group trade”

    So CBCR has been on the agenda since at least 1977. And…

    “In March 1980, not even two years after the OECD countries introduced the principle of consensus in the UN,the International Accounting Standards Committee presented a draft for a standard (IAS 14) for financial segment reporting per geographic area, which resembled CBCR, at least in principle.”

    The above, funnily enough, is from a report by the Tax Justice Network.

    Mention this to Spud and he will bluster that HIS version of CBCR is very different. Mention to Spud that the OECD’s version of CBCR is very different from HIS and he will denounce you as a neoliberal fascist.

    He didn’t ‘invent the concept’ of CBCR. He suggested a different version and his version was rejected (or more likely completely ignored) by the OECD.

  2. But will we hear the curses when they realise that country by country reporting demonstrates that companies pay the right amount of tax in each jurisdiction in which they operate?

  3. i saw RM on RT’s alex salmon show last night. Thought for a moment alex, who was an economist after all, would be a good interviewer but no it was a cringe fest. – no i don’t habitually watch- i was actually watching on the off chance Alex mentioned the SNP shenanigans.

  4. When I started working as an Investment analyst in 1971, English Law on company reporting required companies (all companies, not just publically quoted ones) to report separately turnover, profit, tax and net assets for each country for which turnover profit or net assets comprised more than 10% of the total (and the UK if it didn’t qualify on these grounds). Many companies also gave data for groups of countries which jointly but not individually reached the 10% threshold.
    Murphy was still at school studying for Elementary Maths ‘O’ level.

  5. Murphy tries so hard to stay relevant and part of that is to be outspoken and claim any credit where he can deserved or not..Andrew C you are obviously in a position to challenge him on his “achievements” on CBCR – i presume you have previously on his blog and been banned?

  6. @ stiv bators

    Banned many times under many names. But I persist because the odious toad is actually dangerous. Today, for example, he continues to denounce the ‘longer gap’ Covid vaccine strategy. He’s gone beyond having a different opinion and is embarking on a campaign of deliberate misinformation. I figure the more he is poked, the more he reveals himself in print and I make sure the revelations are brought to the attention of the right people.

    Even small victories are worthwhile. His blatant breaches of FT copyright, for example, were reported to the FT who said they would be acting on the information and it’s notable that he’s now stopped doing it.

  7. Andrew C
    He’s in shark jumping territory with his vaccine post. Anyone who disagrees with him is ‘democidal’, even though they have clearly pointed out his many errors. How any institution could ever employ him after reading his blog is beyond me,

  8. Andrew c – keep up the good work. He is indeed dangerous, particularly to an accepting crowd. And yes the arrogance and intransigence of the man is such that when poked enough he will eventually say something really stupid

  9. Dennis, CPA to the Gods

    Given that financial statements prepared under IFRS (or GAAP) don’t disclose actual tax data, all this shows is that the EU is ruled by morons.

    But we already knew that.

  10. It’s all the more amusing since this is supposed to be about tax and, for multinationals, tax gets very complex very fast and what appears in an annual report is a brief overview. Rio Tinto produce a detailed report just on tax every year https://www.riotinto.com/invest/reports/taxes-paid-report

    36 pages of tedious detail. How would you start critiquing its analysis of mining royalties in Mongolia? What would be the point?

  11. An evening with Richie? My thumb was twitchy early doors, with the bravura chutzpah of claiming your ideas take 10 years before they become accepted norm when they go on to get the country out a deep crisis. The seamless slide into green new deal. Guff on MMT – collating QE with print and spend. No hard ball forthcoming from Alex so eventually the thumb switched over.

  12. If he’s moving away from the MSM and Govt message on vaccines might it be worth reporting his site to google/Facebook etc for misinformation as they are trigger happy with the ban hammer right now

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